16.2 C
Tokyo
Sunday, April 14, 2024
HomeLatestRoundup: Japan's Nikkei ends lower on Wall Street's overnight decline

Roundup: Japan's Nikkei ends lower on Wall Street's overnight decline

TOKYO, Nov. 29 (Xinhua) — Japan’s benchmark Nikkei stock index closed lower on Tuesday as investors’ sentiment was dented by Wall Street losing ground overnight.

The 225-issue Nikkei Stock Average lost 134.99 points, or 0.48 percent, from Monday to close the day at 28,027.84.

The broader Topix index, meanwhile, dropped 11.34 points, or 0.57 percent, to finish at 1,992.97.

Local brokers said investors’ sentiment was dented from the get-go following Wall Street closing lower overnight, with renewed concerns that the U.S. Federal Reserve may continue with its aggressive interest rate hikes to combat inflation dealing a blow.

They added that such concerns were renewed following Fed officials’ remarks on combating inflation running counter to recent comments suggesting the Fed would adopt a more dovish approach to its rate hikes looking ahead.

Investment analysts said concerns over the Fed’s rate hikes and the negative knock-on effect these could have on the U.S. and broader economies, along with exacerbating a gulf in interest rates between Japan and U.S. central banks, saw the U.S. dollar spike against the yen.

Electric power and gas, metal product and transportation equipment-linked issues comprised those that declined the most.

Nikkei heavyweights dragged the broader market lower, with technology startup investor SoftBank Group sliding 1.4 percent, while chip equipment maker Tokyo Electron dropped 1.1 percent.

Exporters came under pressure, with Murata Manufacturing losing 1.6 percent, while Honda Motor reversed 1.6 percent.

Pharmaceutical firm Eisai was the Nikkei’s biggest loser, slumping 6.2 percent by the close.

Bucking the downward trend, retail and transportation issues found favor on hopes for increased patronage.

West Japan Railway advanced 2.1 percent, while department store operator Isetan Mitsukoshi Holdings jumped 3.3 percent, while rival Takashimaya leapt 3.6 percent.

Issues that fell outpaced those that rose by 1,246 to 509, while 80 ended the day unchanged.

On the Prime Market on Tuesday, 1,156.65 million shares changed hands, rising from Monday’s volume of 1,132.76 million shares.

The turnover on the second trading day of the week came to 2,723.86 billion yen (19.72 billion U.S. dollars).

Source

Latest