As Japanese earnings season kicks into full swing, it appears political uncertainty and concerns over the subprime mortgage situation in the U.S. will keep pressure on stocks.
Japanese stocks traded broadly lower [TOPX 1st Section advancers: 233 vs. decliners: 1,430] on Monday (7/23), following weakness in the U.S. Friday and ahead of parliamentary elections this weekend.
The five best performing ADRs last week:
- 1. Makita (OTCPK:MKTAY) 1.3%
2. NTT (NTT) 1.1%
3. FUJIFILM Hldgs (FUJI) 0.8%
4. Kubota (KUB) 0.3%
5. Matsushita (MC) 0.2%
The five worst performing ADRs:
- 1. NIS Grp. (NIS) -10.9%
2. IIJ (IIJI) -6.7%
3. Mitsubishi UFJ (MTU) -5.3%
4. Nomura Hldgs (NMR) -3.8%
5. Advantest (ATE) -3.3%%
See the chart below for weekly and year-to-date returns.
Click to enlarge chart
Disclosure: The author owns shares of NIS Group and IIJ and also owns IIJ call options.