Market Updates

Techs, Banks Drag Nikkei

Elena
04 Apr, 2006
New York City

    Asian markets closed mostly in the positive. However, the Nikkei ended its seven-session winning streak to close 0.2% lower, dragged by tech and exporter-related issues. Bank and insurance stocks also weighed on sentiment after a BOJ report showed that Japan

[R]7:45AM Asian markets finished largely higher. The Nikkei dropped.[/R]
Asian-Pacific benchmarks finished broadly higher. The Nikkei ended its seven-session winning streak to close in the negative after hitting a six-year high on Monday. The Japanese index fell 0.2% to 17,292.91, dragged by weakness in the tech sector and exporter blue-chip stocks like Kyocera, down 1.7%, Tokyo Electronics 1.6%, Honda Motor and Toyota Motor each falling 0.5%. Data released by BOJ, which showed that Japan’s monetary base declined 1% for the first time in five years, caused weakness among banking and insurance stocks with Mitsubishi UFJ Holding falling 1.6% and Mizuho Financial Group, down 0.3%. Across the region, Hong Kong’s Hang Seng reversed from earlier losses to rise 0.2% to 16,100.09, hitting a five-year high on fresh fund flows. South Korea’s Kospi advanced 0.4%, led by tech and auto stocks. India’s Sensex hit an all-time high of 2.5% at 11,564.36, lifted by foreign fund buying.

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