Phil Elliott
08:38 (BST)
03/10/2008
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Nintendo stock falls on DSi unveiling
Shares in Nintendo fell by a further 8.7 per cent today following the news that the company was to release a new iteration of the DS handheld hardware, the DSi.
The new model, which will feature slightly larger screens, a camera and a built-in web browser will retail in Japan for JPY 18,900 (USD 179) from November 1, but the move has left investors cold.
"Nintendo's announcement on the DS didn't exceed investors' expectations,'' said Yoku Ihara, head of equity research at Retela Crea Securities Com according to Bloomberg. "The stock market was so bearish that the news didn't help the shares gain.''
Nintendo's share price has fallen steadily over recent months due to a number of reasons, including a strengthening yen and, more recently, the global financial markets meltdown.
The price of JPY 36,250 (USD 344) at close today is the lowest point since the middle of last year, when the stock was still rising before it peaked last October at around the JPY 70,000 (USD 665).
In comparison, Sony's stock remained stable across the day, falling 0.3 per cent to JPY 3010 (USD 28.6).
Meanwhile the response to Nintendo's new model in the industry has also been mixed, with Team 17's Martyn Brown ambivalent, while Doublesix boss James Brooksby praised the new downloadable games functionality.
A firm release date for the DSi in the US and Europe has not yet been set, although it's expected to some time in Spring 2009.
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