July 9, 2018 / 4:48 AM / 2 years ago

UPDATE 1-Western Japan companies hit by rain, but share losses limited

(Adds some shares rising, updates with latest moves)

TOKYO, July 9 (Reuters) - Shares of some companies hurt by torrential rain in western Japan fell on Monday, but losses were modest with Mazda 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 electronics appliance retailer Edion Corp fell 1.7 percent by mid-afternoon. The company is based in Osaka and many of its stores are in western Japan.

Hiroshima-based retailer Izumi Co 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, Hiroshima 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. Maeda Road Construction rose 3 percent, while Nissei Build Kogyo Co jumped 7.9 percent.

Rescuers in Japan 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 electricity while Japanese media said tens of thousands had no water. (Reporting by Taiga Uranaka and Naomi Tajitsu; Writing by Ritsuko Ando; Editing by Stephen Coates and Subhranshu Sahu)

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