Asian Markets Ease; Nikkei Extends Losses to Fifth Day

Nigel Thomas
09 Apr, 2012
New York City

Asian markets were on the defensive and the benchmark index in Japan dropped 1.5% and extended losses for the fifth day in a row. Retailers declined after a weak industry forecast from Takashimaya.

[R]8:30 PM Tokyo – Asian markets were on the defensive and the benchmark index in Japan dropped 1.5% and extended losses for the fifth day in a row. Retailers declined after a weak industry forecast from Takashimaya.[/R]

Asian markets closed lower on the first day of the week but markets in Hong Kong, Australia, New Zealand were closed today.

The benchmark Nikkei index decreased for the fifth day in a row after U.S. employers added 120,000 net new jobs in March, the lowest in five months. Unemployment rate fell to 8.2% but people looking for work longer than six months was near half of the unemployed.

Investors were cautious ahead of the Bank of Japan’s 2-day policy meeting ending on Tuesday.

The Nikkei 225 Stock Average declined 142.19 or 1.5% to close at 9,546.26 and the broader Topix index decreased 12.02 or 1.5% to 813.69.

The Nikkei has declined 5.3% in the month so far and the index is in a longest slump in the last four months.

The yen strengthened to 81.20 against the dollar compared to 82.27 on Friday’s close.

Market indexes Mumbai dropped 1.5% and in Seoul fell 1.6% and in Kuala Lumpur eased 0.5%. The index in Shanghai eased 1% after March inflation accelerated.

Stock Movers

Toyota Motor closed down 80 yen to 3,310 yen and Honda Motor Co. dropped 73 yen to 2,937 yen and Nissan Motor Co Ltd dropped 29 yen to 827 yen.

Kansai Electric Power Company, Inc decreased 39 to 1307 yen and Tokyo Electric Power fell 4 yen to 215 yen.

Sony Corp gained 10 yen to 1,644 yen, Panasonic Corp closed down 14 yen at 699 yen and Canon Inc declined 65 yen to 3,780 yen. Nintendo Co. Ltd tumbled 100 yen to 12,030 yen.

Olympus Corp closed up 4 yen to 1,315 yen, Nikon plunged 82 yen to 2,368 yen and Fanuc Ltd closed down 210 yen to 13,970 yen. Hitachi Ltd fell 9 yen to 519 yen.

Nachi-Fujikoshi Corp decreased 15 yen to 431 yen after the bearing maker said net income declined 40% to 1.37 billion yen in the quarter to February on rising raw materials cost and strengthening yen.

China linked stocks declined after the fast growing nation reported consumer prices rose 3.6% in March from a year ago after rising 3.2% in February.

Komatsu Ltd decreased 46 yen to 2,296 yen, Hitachi Construction Machinery Co slipped 40 yen to 1,707 yen and Toyo Engineering Corp closed unchanged to 366 yen.

Mitsui O.S.K. Lines, Ltd fell 5 yen to 3339 yen, Kawasaki Kisen Kaisha, Ltd decreased 1 yen to 185 yen and Nippon Yusen K.K. fell 3 cent to 249 yen.

Fast Retailing Co. soared 220 yen to 17,350 yen and J. Front Retailing Co. Ltd closed down 6 yen to 430 yen.

Takashimaya declined 17 yen to 636 yen after the company president said domestic department industry sales are likely to “shrink 1 trillion yen to 5.2 trillion yen by 2016.”

Mitsubishi UFJ Financial Group decreased 11 yen to 391 yen and Sumitomo Mitsui Financial Group dropped 35 yen to 2,588 yen. Nomura Holdings, Inc fell 7 yen to 349 yen.

Tokyo Tatemono Co., Ltd closed down 8 yen to 304 yen and Mitsui Fudosan tumbled 31 yen to 1,473 yen and Sumitomo Realty & Development Co. declined 51 yen to 1,779 yen.

Nippon Steel fell 5 yen to 207 yen and JFE Holdings Inc dropped 3% or 51 yen to 1,647 yen.