Market Updates
Nikkei in Tokyo Down 1%; North Koreal Leader Kim Jong-il Dies
Nigel Thomas
19 Dec, 2011
New York City
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Stocks in Tokyo trading declined more than 1% and extended losses of last week. Market sentiment declined after North Korean leaders died of a heart attack and raising fears of heightened tensions in the peninsula. Ocean freight companies declined and traded near 10-year low.
[R]7:00 PM Tokyo – Stocks in Tokyo trading declined more than 1% and extended losses of last week. Market sentiment declined after North Korean leaders died of a heart attack and raising fears of heightened tensions in the peninsula. Ocean freight companies declined and traded near 10-year low.[/R]
Market indexes in Tokyo trading closed lower and extended 1.6% losses of the last week after more worries resurfaced linked to the euro zone.
North Korean state television reported that country’s leader Kim Jong-il died of a heart attack while on a train trip. The news of his death was kept in secret for two days and prompted worries that tensions may rise between two Koreas.
Before the announcement of his death, North Korea fired several short range test missiles, according to a South Koreans news agency.
After the announcement, ruling Workers’ Party and other state institutions said in a joint statement that the deceased leader’s son Kim Jong-un was in charge of the nation. The son Kim is believed to be in late twenties and was appointed vice chairman of the Central Military Commission of the Worker’s Party.
The Nikkei 225 Stock Average fell 1.1% to 8,308.36 and the broader Topix index declined 1% to 716.13.
Stocks in Tokyo were on the defensive after Fitch Ratings said that the euro zone is not capable of solving its problems without external help. The rating agency placed sovereign debt rating of France on negative watch and hinted that the nation may take an indirect hit of the region’s rescue fund needs more capital.
Stock Movers
Toyota Motor decreased 11 yen to 2,487 yen and Honda Motor Co. fell 14 yen to 2,247 yen and Nissan Motor Co Ltd rose 14 yen to 682 yen.
Nissan said it will transform its engine and transmission maker subsidiary Aichi Machine Industry Co into a wholly owned company in March. Aichi surged 30% to 271 yen.
Sony Corp decreased 41 yen to 1,319 yen, Panasonic Corp dropped 34 yen at 649 yen and Canon Inc closed down 20 yen to 3,395 yen. Nintendo Co. Ltd decreased 310 yen to 10,560 yen.
Nexon Co Ltd extended losses for the fourth day in a row and declined 3.6% to 1,060 yen after the company completed the largest public offering in Japan this year.
Olympus Corp decreased 89 yen to 915 yen and Tokyo police is investing the company after the company admitted that it hided losses of at least $1.1 billion.
Fanuc Ltd closed down 400 yen to 11,830 yen and Kyocera closed down 60 yen at 6,270 yen. Nikon Corp decreased 9 yen to 1,671 yen.
Elpida Memory Inc fell 20 yen to 364 yen and Ulvac, Inc fell 27 yen to 960 yen.
Mitsui O.S.K. Lines, Ltd fell 15 yen to 272 yen, Kawasaki Kisen Kaisha, Ltd closed down 8 yen to 132 yen and Nippon Yusen K.K. decreased 9 yen to 187 yen.
Daiichi Sankyo Ltd decreased 12 yen to 1,456 yen and Astellas Pharma Inc decreased 45 yen to 3,025 yen.
Fast Retailing Co. decreased 110 yen to 13,250 yen.
Ms&Ad Insurance Group Holdings, Inc closed down 19 yen to 1,427 yen and NKSJ Holdings Inc fell 19 yen to 1,482 yen.
Mitsubishi UFJ Financial Group closed down 4 yen at 325 yen and Sumitomo Mitsui Financial Group decreased 30 yen to 2,160 yen.
Komatsu Ltd decreased 29 yen to 1,798 yen and Hitachi Construction Machinery Co declined 16 yen to 1,281 yen.
Tokyo Electric Power Co increased 1 yen to 230 yen.
Softbank Corp rose 72 yen to 2,310 yen, KDDI fell 1.1% to 486,000 yen and NTT DoCoMo, Inc fell 0.5% to 136,100 yen.
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