Japanese Tyre Makers Slump on Stock Market

Sumitomo Rubber and Bridgestone Corp. have experienced significant drops on the Japanese stock market today, report financial news sources.

Sumitomo, the country’s third largest tyre manufacturer, shed 2.7 per cent to a slump of 843 yen following a spike in crude oil prices. Meanwhile, the world’s largest tyre maker, Bridgestone fell by 2.4 per cent, finishing at 1,729 yen. The losses follow concerns over rising oil and credit costs and the subsequently lower forecasts in these companies’ earnings.