Market Updates

Nikkei Leads Decliners

Elena
12 Apr, 2006
New York City

    Asian markets closed deeply in the red, reflecting weak high technology stocks and concerns that rising oil prices could hurt U.S. consumer spending and exporter issues. Regional decliners were led by the Nikkei which fell 1.5% to 17,162.55. Australia All Ordinaries was the second worst performer, falling 0.9%. Singapore Straits Times fell 0.3% and South Korean Kospi slipped 0.2%.

[R]7:45AM Asian markets ended sharply lower.[/R]
Asian-Pacific benchmarks closed steeply lower, reflecting weak high technology stocks and concerns that rising oil prices could hurt U.S. consumption and exporter issues. Regional decliners were led by the Nikkei which fell 1.5% to 17,162.55. The third consecutive drop of the Japanese index was contributed by weakness in tech and financial shares. The chip related sector declined, dragged by Advantest, down 3.8%. Among other tech stocks, Toshiba dropped 2.6%, Sony fell 2.5%, while banking stock Mitsubishi UFJ Financial Group slipped 3%. At the same time, drug and wholesale food companies advanced. Across the region, Hong Kong’s Hang Seng was another sharp decliner, falling 1%, followed by Australia’s All Ordinaries, down 0.9%. South Korea’s Kospi was sent 0.2% lower by consumer electronics shares like L.G. Philips LCD and Samsung Electronics.

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