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Stocks Closing UPDATE1
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Feb. 8 -- (Kyodo) _ (EDS: ADDING DETAILS, PRICES)
Tokyo stocks lost ground Friday as the yen's weakness against other major currencies paused on the back of uncertainty over the outlook of the eurozone economy.
The 225-issue Nikkei Stock Average shed 203.91 points, or 1.80 percent, from Thursday to 11,153.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 11.83 points, or 1.22 percent, at 957.35.
Decliners were led by the glass, paper and sea transport sectors. Airlines and nonferrous metals were the only gainers.
On a weekly basis, the Nikkei snapped a 12-week uptrend, as the euro eased to the lower 125 yen range and the dollar retreated to the lower 93 yen level, a day after European Central Bank President Mario Draghi expressed concern over the euro's recent rise, while noting downside risks and a dismal outlook for eurozone economic growth.
Draghi's remarks sent the euro and the dollar lower against the yen, denting investor sentiment, said Hiroichi Nishi, assistant general manager of equity research at SMBC Nikko Securities Inc.
"I think it is just a natural adjustment after a sharp rise and ahead of a three-day holiday," said Hiroaki Hiwada, strategist at Toyo Securities Co., adding the upward momentum remains unchanged as investors are still actively buying small and medium capital issues.
Electronics shares were dragged down by Sony, which dived 154 yen, or 10.1 percent, to 1,365 yen, a day after it announced a net loss of about 50.8 billion yen for the April-December period, although the loss was much smaller than the year-earlier level.
Among other electronics makers, Pioneer shed 17 yen, or 6.8 percent, to 232 yen and Panasonic sagged 41 yen, or 5.4 percent, to 716 yen.
Asahi Glass slipped 46 yen, or 6.9 percent, to 617 yen after the company said Thursday its group net profit for the nine months through December plunged 54 percent from a year earlier.
Bucking the downward trend, Sumitomo Metal Mining gained 107 yen, or 7.1 percent, to 1,607 yen, a day after it revised up its group net profit projections for the current business year through March.
On the First Section, falling issues overwhelmed advancing ones 1,298 to 320, while 80 remained unchanged.
Trading volume on the main section came to 4,231.07 million shares, down from Thursday's 5,140.00 million shares, which was the second highest on record.
(c) 2013 Kyodo News International, Inc.
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