ID :
202257
Fri, 08/19/2011 - 08:01
Auther :
Shortlink :
http://m.oananews.org//node/202257
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Tokyo Stocks Tumble in Morning
Tokyo, Aug. 19 (Jiji Press)--Stocks came under heavy selling on the Tokyo Stock Exchange Friday morning on renewed concerns over the course of the global economy.
At the morning close, the 225-issue Nikkei average was down 192.09 points, or 2.15 pct, at 8,751.67 after briefly sinking to 8,734.96, the lowest intraday level since Aug. 9. On Thursday, the key market gauge dived 113.50 points.
The TOPIX index of all first-section issues was down 14.50 points, or 1.89 pct, at 752.81, after losing 9.34 points the previous day.
Tokyo stocks were sharply lower throughout the morning session after the Dow Jones industrial average plummeted 419.63 points, or 3.68 pct, following a rush of worse-than-expected U.S. economic data, including the Federal Reserve Bank of Philadelphia's manufacturing index for August, the consumer price index for July and weekly initial unemployment claims, brokers said.
The Nikkei average briefly lost more than 200 points on renewed concerns over a global economic outlook after tumbles in U.S., European and Asian stock markets, they said.
After an initial wave of selling ran its course, however, the Nikkei average's downward trend seems to have halted, but the market sentiment was worse than the key index's level as mainstay issues on the TSE first section met with massive selling, said Toshiyuki Kanayama, market analyst at Monex Inc.'s Financial Intelligence Department.
Some investors are worried about the possibility of renewed global stock market plunges, brokers said.
Kanayama said, however, "I think the Tokyo market will attract buybacks in the afternoon as investors are expected to price in negative news."
It is likely that the Nikkei average will not close below 8,656.79, the low on Aug. 9 as the average price-book value ratio for all TSE first-section issues is below 1.0, brokers said.
Falling issues far exceeded rising ones 1,407 to 168 on the first section in the morning, while 86 issues were unchanged.
Half-day volume came to 909 million shares.
Nippon Electric Glass and Asahi Glass nose-dived 5.13 pct and 3.13 pct, respectively.
Automakers Toyota and Honda rewrote their year-to-date lows for the second consecutive day.
High-tech names Canon, Hitachi, Sony and Fanuc lost ground as did banking groups Mitsubishi UFJ, Sumitomo Mitsui, Mizuho and Resona.
Mobile game site operators Gree and DeNA came under profit-taking pressure.
A handful of gainers included railway operators JR East, JR Tokai and JR West as well as household products maker Kao and realtor Leopalace21.
At the morning close, the 225-issue Nikkei average was down 192.09 points, or 2.15 pct, at 8,751.67 after briefly sinking to 8,734.96, the lowest intraday level since Aug. 9. On Thursday, the key market gauge dived 113.50 points.
The TOPIX index of all first-section issues was down 14.50 points, or 1.89 pct, at 752.81, after losing 9.34 points the previous day.
Tokyo stocks were sharply lower throughout the morning session after the Dow Jones industrial average plummeted 419.63 points, or 3.68 pct, following a rush of worse-than-expected U.S. economic data, including the Federal Reserve Bank of Philadelphia's manufacturing index for August, the consumer price index for July and weekly initial unemployment claims, brokers said.
The Nikkei average briefly lost more than 200 points on renewed concerns over a global economic outlook after tumbles in U.S., European and Asian stock markets, they said.
After an initial wave of selling ran its course, however, the Nikkei average's downward trend seems to have halted, but the market sentiment was worse than the key index's level as mainstay issues on the TSE first section met with massive selling, said Toshiyuki Kanayama, market analyst at Monex Inc.'s Financial Intelligence Department.
Some investors are worried about the possibility of renewed global stock market plunges, brokers said.
Kanayama said, however, "I think the Tokyo market will attract buybacks in the afternoon as investors are expected to price in negative news."
It is likely that the Nikkei average will not close below 8,656.79, the low on Aug. 9 as the average price-book value ratio for all TSE first-section issues is below 1.0, brokers said.
Falling issues far exceeded rising ones 1,407 to 168 on the first section in the morning, while 86 issues were unchanged.
Half-day volume came to 909 million shares.
Nippon Electric Glass and Asahi Glass nose-dived 5.13 pct and 3.13 pct, respectively.
Automakers Toyota and Honda rewrote their year-to-date lows for the second consecutive day.
High-tech names Canon, Hitachi, Sony and Fanuc lost ground as did banking groups Mitsubishi UFJ, Sumitomo Mitsui, Mizuho and Resona.
Mobile game site operators Gree and DeNA came under profit-taking pressure.
A handful of gainers included railway operators JR East, JR Tokai and JR West as well as household products maker Kao and realtor Leopalace21.
