Market Updates
Nikkei Loses Ground
Elena
20 Apr, 2006
New York City
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Asian markets finished mixed. The Nikkei edged down 0.2% to 17,317.53 on weakness in energy-sensitive stocks after crude oil prices hit new record-hugh. Across the region, South Korean Kospi dropped 0.4%, Singapore Straits Times felll 0.3%, while Hong Komg gained 0.1%. Australia All Ordinaries also fell 0.1% on weakness in banking and resource stocks.
[R]7:45AM Asian markets closed mixed.[/R]
Asian-Pacific benchmarks closed mixed with the Nikkei reversing from yesterday’s advance to finish down 0.2% to 17,317.53. The Japanese index was dragged down by new record-high oil prices which hurt energy-sensitive stocks like Oji Paper which dropped 2%. Banking stocks also stood out among losers, ending a winning streak earlier in the week with Mizuho Financial Group falling 1.3%. In addition, economic data showing that trade surplus fell for the first time in four years further weighed. However, strong commodities stocks helped limit losses with Nippon Mining Holdings fell 1.35. Across the region, South Korea’s Kospi dropped 0.4%, Singapore Straits Times lost 0.3$, while Hong Kong’s Hang Seng added 0.1% on metals stocks.
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