Logo


Japan Nikkei extends losses to sixth session

Japan stock market finished lower for sixth straight session on Monday, 04 October 2021, as risk sentiment soured on fresh worries over debt-laden property developer China Evergrande Group and fading expectations of economic reforms after new Japanese Prime Minister Fumio Kishida apparently prioritized factional interests over injecting fresh faces.

At closing bell, the 225-issue Nikkei Stock Average stumbled 326.18 points, or 1.13%, to 28,444.89. The broader Topix index of all First Section issues on the Tokyo Stock Exchange retreated 12.39 points, or 0.62%, to 1,973.92.

Trading volume turnover on the main section stood at 1.32 billion shares worth 3.26 trillion yen, as compared yesterday's volume turnover of 1.38 billion shares worth 3.54 trillion yen.

Total 15 of 33 industry groups ended lower along with the Topix, with bottom performing issues were Marine Transportation (down 7.6%), Electric Appliances (down 2.2%), Glass & Ceramics Products (down 2%), Precision Instruments (down 1.5%), Chemicals (down 1.3%), and Nonferrous Metals (down 1.2%), while Air Transportation (up 2.4%) best performing issues, followed by Land Transportation (up 2.2%), Other Financial Business (up 1.5%), and Pulp & Paper (up1.4%) issues.

Shares with large exposure to the Chinese market were lower on worries over the Chinese economy after suspension of trading in Chinese real estate conglomerate Evergrande Group on the Hong Kong market. Toilet manufacturer Toto dropped 3.2%, Ryohin Keikakushed 1.8%, and Fast Retailing declined 0.9%.

Shares of shipping firms were also lower amid concerns over a slowdown in China's economic growth. Nippon Yusen sank 8.1%, Mitsui O.S.K. slid 7.2%, and Kawasaki Kisen tumbled 8.4%.

CURRENCY NEWS: The dollar recouped early losses to close at lower 111 yen on Monday, aided by higher U.S. interest rates. The dollar stood at 111.16-20 yen, down from 111.25-25 yen on Friday. The euro was at 129.05-05 yen, up from 128.82-83 yen.

Powered by Capital Market - Live News