Author Topic: Tokyo stocks sink to 4-week low on global economic concerns  (Read 401 times)

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Tokyo stocks sink to 4-week low on global economic concerns
« on: January 26, 2010, 11:23:57 AM »
Japan's Nikkei Stock Average fell 0.74 percent on Monday on renewed concerns about the health of the global economy and Japan's exporters slid on a stronger yen. The key benchmark Nikkei lost 77.86 points from Friday, to a four-week closing low of 10,512.69.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 6.35 points, or 0.67 percent, to 934. 59.

Brokers indicate that today's losses were trimmed by bargain hunting in late trade, but point towards a continued sense of pessimism among investors about the US proposal to toughen regulations on banks and this dissuading investors' purchasing of high risk assets like stocks.

Adding to investor anxiety is the uncertainty about Ben Bernanke's future as US Federal Reserve chairman.

"The fact that people are selling so much shows the insecurity they have about the likelihood of Obama's plan proceeding," said Masaru Hamasaki, chief strategist at Tokyo-based Toyota Asset Management Co.

Foreign investors account for a large proportion of trade on the Tokyo Stock Exchange and coupled with concerns over credit tightening in China and renewed worries about the economic situation in Greece, brokers say the increased skepticism about global issues may lead to a decline in trading by foreign investors.

Worse-than-expected domestic earnings reports and negative earnings-related news also weighed on the market Monday, with Mitsui Chemicals Co. Ltd. falling 4.2 percent to 251 yen after the Nikkei business daily newspaper said the company likely broke even on an operating basis for the three months ending in December, against analysts' expectations for a profit of several billion yen.

Nissha Printing Co. Ltd. plunged 7.6 percent to 4,090 yen after the world's largest maker of small and medium-sized touch panels cut its annual earnings forecast by 19 percent, citing sharp price falls.

Pharmaceutical maker Kyowa Hakko Kirin Co. Ltd. fell 4.3 percent to 921 yen after stating its nine-month profit outlook was lower than an earlier estimate, hit by weaker sales and drug licensing fees.

A particular bleak spot on Monday's Nikkei was trading house Mitsui Co. Ltd. plunging 21.52 percent to 1,094 yen although rival import-export firm Marubeni Corp. managed to close trade in positive territory, edging up 0.19 percent to close at 526 yen.

By volume decliners were led by real estate issues with Sumitomo Realty & Development Co. Ltd. slipping 2.04 percent to 1, 679 yen and Tokyu land Corp. falling 1.41 percent to 350 yen. Real estate operator and developer Mitsui Fudosan Co. Ltd. lost 1.84 percent to 1,597 yen and counterpart Daiwa House Industry Co. Ltd. also closed down, dropping 2.2 percent to 980 yen.

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