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Sony drags Tokyo market down
(CNN) -- Japanese stocks are weaker in Friday morning trade after a late dip on Wall Street. Sony is down, in response to its lackluster earnings result. The key Nikkei 225 average is down 0.9 percent to 9583.52 after posting a gain of 0.58 percent on Thursday. The broader Topix index is down 0.25 percent at 942.90. Other markets in the region are mixed, with Australia and New Zealand flat, but falls for South Korea, Taiwan and Singapore. In Tokyo, consumer electronics leader Sony is down more than 2 percent to 3680 yen in early trading, after posting a 98 percent fall in group net profit in the first quarter. Sony was hurt by a fall in demand for its PlayStation 2 game machines and Trinitron television sets. Big Japanese banks are also lower after making big gains on Thursday. UFJ is down 2 percent to 249,000 yen and SMFG is off 1.3 percent to 299,000 yen. But Mizuho, which put on 11 percent on Thursday, is up 0.95 percent to 106,000 yen. The market's biggest stock, mobile phone company NTT DoCoMo, is 1.1 percent higher to 269,000 yen. In Seoul, the Kospi is 0.49 percent lower to 699.43. Samsung Electronics, which was named by Interbrand as the world's fastest growing brand value, is down 1.23 percent to 401,500 won. Big exporter Hyundai Motor is 0.9 percent higher to 34,300 won. In Australia, the S&P/ASX200 is virtually flat, up 0.03 percent to 3091.5. BHP Billiton is continuing to make gains after releasing a strong production report on Thursday. It is at a six-month high of A$9.79, up 1.45 percent. Taiwan's Taiex is down 0.36 percent to 5383.57. Big chip foundry TSMC, which posted a second-quarter profit of $341 million, is flat at T$58.50. Wall Street ended on a down note Thursday after being higher for most of the day. The tech-heavy Nasdaq lost 1 percent and the Dow fell about 0.9 percent. (Full story)
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