daytrade diaries... december 8, page-27

Nikkei may edge lower on profit-taking, moves limited 12/07 05:09 PM



TOKYO, Dec 8 (Reuters) - Japan's Nikkei stock average is
likely to edge lower on Tuesday as profit-taking emerges after
six days of gains and after comments by Federal Reserve chairman
Ben Bernanke sparked jitters about economic recovery.
Bernanke said inflation could remain subdued, but the U.S.
unemployment rate could stay elevated for some time and that the
U.S. economy faces "formidable headwinds," including tight credit
conditions. [ID:nN07169826]
But he also said the Fed was sticking to its pledge to hold
rates low for an "extended period," which Tokyo analysts cited as
a supportive factor.
"We'll see some unwinding of positions by investors,
especially among blue-chips, where a lot of shares have been
doing well recently," said Nagayuki Yamagishi, a strategist at
Mitsubishi UFJ Securities.
He added that while shares may retreat a bit, Bernanke's
comments would settle speculation about U.S. rate hikes sparked
by last week's surprisingly positive jobs data and keep shares
supported.
The benchmark Nikkei is likely to move between 10,000
and 10,250 after closing at a six-week high on Monday, with
10,200 forming resistance after the Nikkei's rise ran out of
steam there on Monday.
In a sign stocks may open lower, Nikkei futures traded in
Singapore closed at 10,115.00, down 0.3 percent from the
Osaka close .
----------------------MARKET SNAPSHOT @ 2249 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 1103.25 -0.25% -2.730
USD/JPY 89.37 -0.13% -0.120
10-YR US TSY YLD 3.429 -- -0.049
SPOT GOLD 1157 0.01% 0.100
US CRUDE 73.93 0.00% -1.540
DOW JONES 10390.11 0.01% 1.21
-------------------------------------------------------------
> S&P 500, Nasdaq end down as banks, tech weigh [.N]
> Dollar rises, but Bernanke warning limits gains [USD/]
> U.S. bond prices advance ahead of new supply [US/]
> Gold settles lower but off session lows [GOL/]
> Oil falls 2 pct on continuing demand concerns [O/R]
STOCKS TO WATCH
-- ABC Mart (AMKYF:$0.00,00$0.0000,0.00%) The shoe retailer said it raised its full-year dividend
payout forecast to 35 yen per share for the year ending in
February, up from 32 yen in the previous estimate, citing solid
earnings.
-- Seven & I Holdings Co Ltd (SVNDF:$22.0000,$0.0000,0.00%) Seven & I, Japan's largest retailer, said on Monday it aimed
to more than triple its online sales to 100 billion yen ($1.1
billion) by the year ending February 2013. [ID:nTOE5B60C5]
-- Hitachi Ltd (HIT:$26.18,00$-1.56,00-5.62%) Hitachi said on Monday it would raise up to 349.3 billion yen
($3.9 billion) through a public share offering and a convertible
bond issue after a share price dip dented its fund-raising
ability. The company, which is headed for its fourth straight
annual loss, had originally planned to raise 416 billion yen.
[ID:nTOE5B60B9]
(Reporting by Elaine Lies; Editing by Joseph Radford)











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