ID :
208217
Tue, 09/20/2011 - 09:14
Auther :
Shortlink :
http://m.oananews.org//node/208217
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Tokyo Stocks Retreat in Morning after Overseas Falls
Tokyo, Sept. 20 (Jiji Press)--Stocks suffered a setback after a two-session rise on the Tokyo Stock Exchange Tuesday morning in the face of overseas equities' weakness in overnight trading.
At the morning close, the 225-issue Nikkei average stood down 124.42 points, or 1.40 pct, at 8,739.74, after rising 195.30 points on Friday. The Tokyo market was closed Monday for a national holiday.
The TOPIX index of all first-section issues was down 11.71 points, or 1.52 pct, at 756.42. It gained 16.37 points on the previous trading day.
The Nikkei average kicked off the holiday-shortened week on a sluggish note, after U.S. and European stocks succumbed to profit-taking Monday as a two-day meeting of European Union finance ministers ended Saturday with no surprise move to tackle the region's debt crisis.
The Standard & Poor's announcement Monday of its decision to cut Italy's sovereign credit rating by one notch to A due to a gloomy economic outlook in the country also weighed on the Tokyo market by fueling concern that the news may push down overseas equities further later on Tuesday, brokers said.
In addition, the yen's moderate strengthening against the dollar and the euro dampened investor sentiment, brokers said.
"European debt concerns keep reemerging in the absence of fundamental resolution," said Yutaka Miura, senior technical analyst at Mizuho Securities Co. "Uncertainty prevails in the market."
Miura said the Tokyo market is expected to remain lackluster for the time being also because worries over the course of the U.S. economy could be rekindled once the country's fresh economic data start coming out late next week.
However, aggressive selling was held in check for now partly due to a wait-and-see mood before the U.S. Federal Open Market Committee's two-day meeting starting on Tuesday, although the Federal Reserve is widely expected not to decide on any bold policy step.
Falling issues overwhelmed rising ones 1,407 to 169 on the TSE's first section in the morning, while 70 issues were unchanged.
Half-day volume came to 642 million shares.
Major electronics issues like Sony and Panasonic skidded lower, as did automakers Toyota and Nissan.
In the financial sector, megabanks Mizuho and Mitsubishi UFJ fell, together with brokerage houses Nomura and Daiwa.
Mitsubishi Heavy Industries tumbled 2.74 pct following the revelation that 11 of its domestic bases including plants making defense equipment have suffered cyberattacks.
Meanwhile, telecommunications carrier KDDI rose to a new year-to-date high, and automaker Suzuki advanced further after a four-session rise.
Paper mills including Oji Paper and chipmaker Elpida also drew buying.
At the morning close, the 225-issue Nikkei average stood down 124.42 points, or 1.40 pct, at 8,739.74, after rising 195.30 points on Friday. The Tokyo market was closed Monday for a national holiday.
The TOPIX index of all first-section issues was down 11.71 points, or 1.52 pct, at 756.42. It gained 16.37 points on the previous trading day.
The Nikkei average kicked off the holiday-shortened week on a sluggish note, after U.S. and European stocks succumbed to profit-taking Monday as a two-day meeting of European Union finance ministers ended Saturday with no surprise move to tackle the region's debt crisis.
The Standard & Poor's announcement Monday of its decision to cut Italy's sovereign credit rating by one notch to A due to a gloomy economic outlook in the country also weighed on the Tokyo market by fueling concern that the news may push down overseas equities further later on Tuesday, brokers said.
In addition, the yen's moderate strengthening against the dollar and the euro dampened investor sentiment, brokers said.
"European debt concerns keep reemerging in the absence of fundamental resolution," said Yutaka Miura, senior technical analyst at Mizuho Securities Co. "Uncertainty prevails in the market."
Miura said the Tokyo market is expected to remain lackluster for the time being also because worries over the course of the U.S. economy could be rekindled once the country's fresh economic data start coming out late next week.
However, aggressive selling was held in check for now partly due to a wait-and-see mood before the U.S. Federal Open Market Committee's two-day meeting starting on Tuesday, although the Federal Reserve is widely expected not to decide on any bold policy step.
Falling issues overwhelmed rising ones 1,407 to 169 on the TSE's first section in the morning, while 70 issues were unchanged.
Half-day volume came to 642 million shares.
Major electronics issues like Sony and Panasonic skidded lower, as did automakers Toyota and Nissan.
In the financial sector, megabanks Mizuho and Mitsubishi UFJ fell, together with brokerage houses Nomura and Daiwa.
Mitsubishi Heavy Industries tumbled 2.74 pct following the revelation that 11 of its domestic bases including plants making defense equipment have suffered cyberattacks.
Meanwhile, telecommunications carrier KDDI rose to a new year-to-date high, and automaker Suzuki advanced further after a four-session rise.
Paper mills including Oji Paper and chipmaker Elpida also drew buying.
