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Western Japan companies hit by rain, but share losses limited

Reuters  |  TOKYO 

(Reuters) - Shares of some companies hurt by torrential rain in western fell on Monday, but losses were modest with Motor Corp even gaining as investors bet that damages and disruptions to supply chains would be limited.

Shares of Yamato Holdings, which runs a national parcel delivery business, fell 0.9 percent on worries about disruptions to its service.

Local businesses were hit particularly hard, and fell 1.7 percent by mid-afternoon. The company is based in and many of its stores are in western

Hiroshima-based retailer fell as much as 3.7 percent to its lowest since late November before recovering to trade 0.9 percent lower.

Mazda's shares rose 0.4 percent although the company suspended operations at several plants.

Mazda, headquartered in Hiroshima, said late on Sunday that it would stop production at its plant in Fuchu, Prefecture, and Hofu, Yamaguchi Prefecture, through Tuesday, as it was unable to receive components. It said there was no damage to its plants or those of its suppliers.

Shares of builders even rose on hopes they would benefit from recovery efforts. rose 3 percent, while jumped 7.9 percent.

Rescuers in dug through mud and rubble on Monday, racing to find survivors after torrential rains unleashed widespread floods and landslides that killed nearly 100, with dozens missing.

Rain tapered off across the western region, but power companies said around 12,700 customers had no while Japanese media said tens of thousands had no water.

(Reporting by and Naomi Tajitsu; Writing by Ritsuko Ando; Editing by and Subhranshu Sahu)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 10:46 IST