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Tokyo stocks flat on light buying, techs weigh
Reuters, 08.02.02, 1:32 AM ET

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(Updates to late afternoon)

TOKYO, Aug 2 (Reuters) - Tokyo's major stock indices were flat to slightly weaker in late afternoon trade on Friday, bolstered by light institutional buying soon after the lunch break.

But the market's topside was firmly capped by falls in major technology issues, such as Sharp Corp <6753.T>, after the latest weak U.S. data fanned fears of a slowdown in the world's biggest economy and reminded investors of downside risk in U.S. stocks.

The TOPIX index <.TOPX> of all first-section issues wiped off earlier losses to trade up 0.38 percent at 962.26 as of 0528 GMT, with gains in several domestic-demand-led issues offsetting weakening high-tech shares.

The tech-sensitive Nikkei average <.N225> was down 76.19 points or 0.78 percent at 9,717.32, off an earlier low of 9,633.83.

The Institute for Supply Management (ISM) said on Thursday that U.S. manufacturing grew for a sixth straight month in July but at a far slower pace than in June.

The latest data added to worries over the U.S. economy sparked earlier in the week by reports showing unexpectedly weak growth in the second quarter and a sharp drop in consumer confidence in July.

"The market here is now so dependent on the U.S. market," said Masatoshi Sato, a manager at Mizuho Investors Securities' equity division.

Sato said investors are waiting for U.S. jobs data for July due later in the day.

Consumer electronics giant Sony Corp <6758.T>, which earns two-thirds of its revenues overseas, was down 2.96 percent at 5,240, while its rival Sharp slumped 5.55 percent to 1,327.

Bucking the trend, office equipment maker Ricoh Co Ltd <7752.T> surged 4.95 percent to 2,055 yen. It posted strong first-quarter profits and raised its full-year outlook on Thursday, on the back of brisk overseas sales of cutting-edge copiers and printers.

Other winners included ATM and vending machine suppliers after Friday's news Japan would issue three newly designed banknotes in 2004 sparked expectations for an overhaul of existing machines.

Oki Electric Industry Co Ltd <6703.T>, an ATM maker, soared 16.51 percent to 247 yen, the biggest percentage gainer on the Tokyo bourse's main board. Nippon Conlux Co Ltd <6970.T>, which manufactures vending machine parts, jumped 15.16 percent to 509.

Copyright 2002, Reuters News Service


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