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Japan Stocks: Regional Banks, Asahi Homes, Hosiden, SBI, Toyobo

By Norie Kuboyama

Aug. 26 (Bloomberg) -- Japan's Nikkei 225 Stock Average fell 210.24, or 1.6 percent, to 12,668.42 as of 9:30 a.m. in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.

Regional banks: HSBC Holdings Plc lowered its ratings on Fukuoka Financial Group Inc. (8354 JT) and Bank of Yokohama Ltd. (8332 JT) to ``underweight'' from ``neutral,'' and on Suruga Bank Ltd. (8358 JT) and Chiba Bank Ltd. (8331 JT) to ``neutral'' from ``overweight.''

Fukuoka Financial declined 19 yen, or 4.5 percent, to 403, the lowest since at least April 2007. Bank of Yokohama slid 19 yen, or 3 percent, to 609, the lowest since August 2005. Suruga Bank slumped 43 yen, or 3.5 percent, to 1,179. Chiba Bank dropped 12 yen, or 1.9 percent, to 616.

Asahi Homes Co. (1913 JQ) plunged 23 yen, or 40 percent, to 35, its biggest drop since September 1996. The homebuilder's biggest shareholder, Sebon Corp., yesterday filed for bankruptcy protection with 62 billion yen ($567 million) in liabilities, Asahi Homes said in a press release. Sebon, a Tokyo-based real estate developer, holds 85.25 percent of Asahi Homes, according to Bloomberg data. Asahi Homes said the parent's bankruptcy won't affect the subsidiary's finances.

Hisamitsu Pharmaceutical Co. (4530 JT) advanced 122 yen, or 2.7 percent, to 4,710, the highest since at least September 1974. The drugmaker was boosted to ``outperform'' from ``market perform'' by Hiroshi Sakakura, an analyst at Mitsubishi UFJ Securities Co.

Hosiden Corp. (6804 JO) slumped 90 yen, or 5.5 percent, to 1,557. The electronic parts maker was cut to ``market perform'' from ``outperform'' by Akihiko Uchino, an analyst at Mitsubishi UFJ Securities Co.

IHI Corp. (7013 JT) slipped 6 yen, or 3.1 percent, to 191. Japan's third-largest maker of heavy machinery said it will forgo dividend payment for the first half because it expects to post a loss in the period.

Joban Kosan Co. (9675 JT) rose 5 yen, or 3.1 percent, to 169. The resort facility operator raised its full-year net income forecast 70 percent to 1.36 billion yen, citing the sale of a subsidiary. Kohsoku Corp. (7504 JT), a food packaging materials distributor, will acquire a packaging materials unit of Joban Kosan, which also makes industrial wrapping, for 1.7 billion yen in October, the companies said separately. Kohsoku added 1 yen, or 0.2 percent, to 555.

Lintec Corp. (7966 JT) decreased 71 yen, or 4.2 percent, to 1,777. The maker of adhesive products and paper was raised to ``outperform'' from ``neutral plus'' by Kazuyoshi Saito, an analyst at Cosmo Securities Co.

SBI Holdings Inc. (8473 JT) was untraded, offered at 19,710 yen and poised to fall 8.4 percent from yesterday's close of 21,510. The venture capital company decided not to pay a dividend for the six months ending Sept. 30. The company paid an interim dividend of 600 yen a year earlier.

Shichie Co. (4724 JT) added 11 yen, or 1.8 percent, to 610. The video and CD rental chain said it will buy back as much as 6.52 percent of its outstanding shares on Aug. 26.

Toyobo Co. (3101 JT) tumbled 11 yen, or 5.9 percent, to 175, the lowest since August 2003. The fiber maker cut its full-year net income forecast 90 percent to 1 billion yen, on lower-than- expected sales, higher raw materials costs, devalued inventory and restructuring charges.

To contact the reporter on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net.

Last Updated: August 25, 2008 21:07 EDT

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