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Nippon Sheet Glass falls as UBS advises selling stock

Post Time:Dec 17,2008Classify:Industry NewsView:140

Nippon Sheet Glass Co., Asia’s second-largest glassmaker, fell in Tokyo trading after the global recession prompted UBS AG to cut its rating.

Shares in Nippon Sheet declined for a second day, dropping 5.7 percent to close at 296 yen [$3.27] on the Tokyo Stock Exchange, while the benchmark Topix index gained 1.2 percent. UBS cut its rating on the stock to “sell” from “neutral,” and lowered its operating-profit forecast for fiscal 2009 to breakeven from 5 billion yen ($56.3 million), according to a Dec. 17 Bloomberg.com report.

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