Japan Nikkei falls to six-week low

Japan stock market finished lower for eighth consecutive session on Wednesday, 06 October 2021, amid lingering concerns about the fallout from the Evergrande crisis on the Chinese economy, inflation woes fuelled by energy supply crunch, higher interest rates, and the prospect of reduced Federal Reserve stimulus.

At closing bell, the 225-issue Nikkei Stock Average stumbled 293.25 points, or 1.05%, to 27,528.87. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 5.84 points, or 0.3%, to 1,941.91.

Trading volume turnover on the main section stood at 1.67 billion shares worth 3.74 trillion yen, as compared yesterday's volume turnover of 1.51 billion shares worth 3.62 trillion yen.

Total 13 of 33 industry groups ended lower along with the Topix, with bottom performing issues were Meanwhile, as risk (down 4.2%), Marine Transportation (down 2.8%), Transportation Equipment (down 2.4%), Land Transportation (down 2.3%), and Pharmaceutical (down 1.8%), while Mining (up 3.8%) best performing issues, followed by Oil & Coal Products (up 3.1%), Banks (up 2.8%), Electric Power & Gas (up 2.4%), and Glass & Ceramics Products (up 1.7%) sectors.

Shares of technology companies continued selloff, with Tokyo Electron, SoftBank Group and Fast Retailing lost 2-3%.

Financials were up on hopes of higher interest rate would boost their profits. Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial climbed 2-4%

CURRENCY NEWS: The Japanese yen traded at 111.71 per dollar, weaker than levels below 111.2 seen against the greenback yesterday.

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