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DoCoMo closes flat on loss report
TOKYO, Japan -- Shares in Japanese biggest mobile phone carrier, NTT DoCoMo, closed unchanged at 206,000 yen Thursday after a report it would post a valuation loss of about 500 billion yen ($4.08 billion) on its overseas investments. DoCoMo shares rose as high as 213,000 yen before ending flat, on a day when the broader market rose 1.3 percent, measured by the Nikkei 225 average. The Nihon Keizai business daily said Thursday that DoCoMo expected to post the loss on its stakes in some overseas carriers for the half year to September, due to falls in their share prices. It said the carriers included AT&T Wireless Services of the U.S., British mobile venture Hutchison 3G UK and Dutch carrier KPN Mobile. No decision yetDoCoMo said it had not yet decided on whether it would book any appraisal losses on its investments, but would make any necessary writedowns. "(The reported loss) fell within market expectations. I see no surprise here," Tetsuro Tsusaka, an analyst at Deutsche Securities, told Reuters news agency. Since 1999, DoCoMo has invested about $15 billion in stakes in five telcos in Asia, Europe and the U.S. DoCoMo shares have fallen 40 percent since the start of the Japanese fiscal year in April, due in part to investor worries that it may take charges against some of its overseas investments after the global equities slump. AT&T Wireless, in which DoCoMo has a 16 percent stake, has fallen by half since April. Investors are also concerned about DoCoMo's growth potential in the domestic market, where its strategically important third-generation (3G) mobile phone service is struggling to attract subscribers. Reuters contributed to this report.
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