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Article: Nikkei drops 1.3 pct, carmakers drag amid GM worry.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- April 15, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Summary: TOKYO - The Nikkei stock average fell 1.3 percent on Tuesday as automakers like Toyota Motor slid amid fears of GM going bankrupt, while Sumitomo Realty & Development sank after a brokerage recommended selling the stock.
Analysts said investors were also taking a breather after the market's recent gains and have turned cautious before the corporate earnings season in the United States and Japan.
"If GM were to go bankrupt, that would raise questions about what would happen to Japanese auto-parts makers and Japanese automakers' dealer networks. The implications are broad," said Takahiko Murai, general manager of equities at Nozomi Securities.
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