Wednesday, October 6, 2010

Suzuki shares held in reporting

Japan's Suzuki Motor shares rose almost 5 percent Wednesday after a newspaper report that it plans to shift production overseas because of some strong yen motor.

car maker rose 4.91 percent at 1945 yen in the afternoon, boosted by a report in the Asahi Shimbun.

However, Suzuki has denied the story, saying he was not familiar with the annual production plan of 800,000 vehicles in factories in Japan for domestic sales and exports declined.
"We said we wanted to change the shipping to Hungary and Indonesia, then build the machinery for local purchases, given the strong yen," said a company spokesman.

"When the output of the machine (in Japan) is not reduced to 800,000, but domestic demand fell," he said.
However, the report encourages the purchase of Asahi.

"It's in the sense that the company can better cope with the impact of a strong yen is positive," said a fund manager of a Japanese asset management company, Dow Jones Newswires.

Japanese money manager Add reduces Tuesday also led to repurchase Suzuki as a new investor caution amid growing fears of overheating in the Indian market, offering 50 per cent.

This company has faced increased competition in the domestic market Toyota Motor announced, giving a mini-car market. - AFP

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