Asian Economic News
Weak Open Expected For Tokyo Shares
11/24/2009 6:56 PM ET
(RTTNews) -
A lower open is expected for Japan stocks on Wednesday, following Wall Street's negative lead from overnight. U.S. stocks moved modestly lower as a GDP revision came in lower than expected.
Japan's market moved lower on Tuesday.
The benchmark Nikkei 225 Average declined 96.10 points or 1.01 percent to finish at 9,401.58.
Among the Nikkei components, there were 36 closing higher, 181 were lower and 8 finished unchanged.
The broader Topix index declined 9.49 points or 1.1 percent to 829.22.
Trading volume was about 1.8 billion shares.
The financial sector was especially hard hit. for the big banks, Mizuho Financial was down 3 yen or 1.90 percent, Mitsubishi UFJ was down 13 yen or 2.54 percent, Sumitomo Mitsui was down 125 yen or 4.44 percent and Resona Holdings was down 60 yen or 6.04 percent.
Among the electronics stocks, NEC was down 5 yen or 2.33 percent, Sanyo was down 4 yen or 2.48 percent, Toshiba was down 1 yen or 0.22 percent, Hitachi was down 5 yen or 1.98 percent, consumer electronics giant Sony was down 45 yen or 1.87 percent and Canon was down 40 yen or 1.18 percent.
Battery maker GS Yuasa declined 50 yen or 7.60 percent.
Troubled air carrier Japan Airlines plunged 8 yen or 8.42 percent while All Nippon Airways was down 5 yen or 2.16 percent.
Overseas, stocks in the U.S. moved through a lack luster trading session. the Federal Reserve's meeting minutes from November showed an expectation of weak job growth for the coming months.
At the closing bell on Wall Street, the Dow Jones Industrial Average was down 17.24 points or 0.16 percent at 10,433.71, the Nasdaq Composite index was lower by 6.83 points or 0.31 percent at 2,169.18 and the S & P 500 Average was down 0.59 points or 0.05 percent at 1,105.65.
Most of the other Asia/Pacific region markets finished lower on Tuesday.
In Hong Kong, the Hang Seng index was down 348.25 points or 1.53 percent at 22,423.14.
The Shanghai Composite index in China was down 115.14 points or 3.45 points to 3,223.53.
India's SENSEX/BSE 30 Index fell 49.10 points or 0.29 percent to 17,131.08.
In Indonesia, the Jakarta Composite index was down 9.53 points or 0.38 percent at 2,471.88.
The KOSPI/Seoul Composite index in South Korea fell 12.63 points or 0.78 percent to 1,606.42.
The Taiwan Weighted Index was up 27.41 points or 0.36 percent at 7,714.56.
by RTT Staff Writer
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