Nikkei choppy after sharp rally, Toshiba falls

jueves 11 de junio de 2015 22:36 GYT
 

* Nikkei futures and options likely settled at 20,473.83 -
traders
    * Toshiba falls to 2-week low on report it will likely admit
internal controls were inadequate

    By Ayai Tomisawa
    TOKYO, June 12 (Reuters) - Japanese stocks were choppy in
early trade on Friday, as investors were cautious after another
turn for the worse in Greece's debt talks, while Toshiba Corp
fell on a report that it will likely admit internal controls
were inadequate.   
    The Nikkei share average was up 0.06 percent to
20,395.3 in mid-morning trade after nudging in and out of 
negative territory. The index soared 1.7 percent on Thursday,
the biggest percentage gain in four months.
    Investors were wary as Greece showed no sign of reaching a
deal with its creditors. Making matters worse, the International
Monetary Fund decided to leave negotiations in Brussels because
of major differences with Athens. 
    At the market open, Nikkei futures and options contracts
expiring in June settled at the price of 20,473.83, according to
traders. The closely watched settlement price, known in Japan as
the special quotation, or "SQ", is calculated from the opening
prices of the 225 shares in the Nikkei average on the second
Friday of the month.
    Market analysts said that investors may stay on the
sidelines ahead of domestic events such as shareholders'
meetings, which are scheduled later this month.
    In the near term, the focus will turn to the U.S. Federal
Reserve's Federal Open Market Committee (FOMC) which holds a
two-day meeting on interest rates next week.
    "Foreign investors are taking a breather now after buying up
Japanese shares last month," said Hikaru Sato, a senior
technical analyst at Daiwa Securities. "The market may stay
directionless until those events are over."
    Toshiba fell as much as 2.1 percent to a two-week
low after the Nikkei business daily reported that the company is
expected to amend past reports to ensure accurate accounting.
  
    "Short-term investors are taking profits from a recent
recovery in the stock price after its accounting scandals
shocked them a month ago," said Takatoshi Itoshima, chief
portfolio manager at Commons Asset Management. "The stock's
reputation was tarnished already, so such news report can spark
imagination about more unknown risks."
    Exporters were mixed, with Toyota Motor Corp rising
0.6 percent, Honda Motor Co falling 1.4 percent and
Panasonic Corp flat.      
    The broader Topix added 0.1 percent to 1,650.28 and
the JPX-Nikkei Index 400 rose 0.1 percent to
14,893.46.
    
    

    

 (Editing by Shri Navaratnam)