By Masaki Kondo
April 24 (Bloomberg) -- Japan’s telephone shares slumped after KDDI Corp. forecast profit that was lower than analyst estimates. Hokuetsu Paper Mills Ltd. led papermakers higher after a Morgan Stanley upgrade.
KDDI, Japan’s No. 2 mobile-phone company, sank 5.6 percent after forecasting profit that was lower than analyst estimates. Hokuetsu Paper climbed 4.3 percent after Morgan Stanley lifted it to “equalweight.” Mizuho Financial Group Inc. soared 7.3 percent even after posting a wider-than-estimated quarterly loss.
The Nikkei 225 Stock Average fell 2.75, or less than 0.1 percent, to 8,844.26 as of 10:30 a.m. in Tokyo. The broader Topix index climbed 4.31, or 0.5 percent, to 843.81, with more shares falling than advancing. The Nikkei, which has soared by a quarter from its more than 26-year low on March 10, is set for a 0.7 percent drop on the week, the second-straight retreat.
“We’ve detached from reality in the equity markets,” Kirby Daley, senior strategist at Newedge Group in Hong Kong, said in an interview with Bloomberg Television. “This bear market rally is getting tired.”
To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net.
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