Nikkei Plunges 1.7%

Nigel Thomas
16 Apr, 2012
New York City

The benchmark Nikkie index plunged the most in last two weeks as international worries dominated trading sentiment. Investors focused on the record Spanish bond yields and Korea lowered its growth estimate in the current year.

[R]8:30 PM Tokyo – The benchmark Nikkie index plunged the most in last two weeks as international worries dominated trading sentiment. Investors focused on the record Spanish bond yields and Korea lowered its growth estimate in the current year.[/R]

Stocks in Tokyo plunged 1.7% on the renewed worries in the euro zone and rising bond yields of Spain. Commodities prices were also on the decline after Korea lowered its growth estimate for the current year.

The Nikkei 225 Stock Average declined 167.35 or 1.7% to 9,470.64 and the broader Topix index slipped 11.65 to 803.83.

Pasco Corp plunged 15 yen or 4.7% after the aerial survey company said it may have revise software development of 799.3 million assets and rebook as expense in the October quarter.

Stock Movers

TSI Holdings dropped 11% to 445 yen after the company reported a loss of 27.2 billion yen in the year to February and estimated a loss of 3.3 billion in the current fiscal year.

Toyota Motor closed down 55 yen to 3,270 yen and Honda Motor Co. dropped 57 yen to 2,868 yen and Nissan Motor Co Ltd decreased 20 yen to 805 yen.

Kansai Electric Power Company, Inc increased 6 yen to 1,299 yen and Tokyo Electric Power fell 1 yen to 204 yen.

Sony Corp declined 14 yen to 1,430 yen and extended losses for the fourth day in a row after the recently appointed company chief laid out a new restructuring plan.

Panasonic Corp closed down 12 yen at 638 yen and Canon Inc tumbled 90 yen to 3,700 yen. Nintendo Co. Ltd declined 270 yen to 11,540 yen.

Olympus Corp closed down 43 yen to 1,248 yen, Nikon slumped 54 yen to 2,329 yen and Fanuc Ltd declined 410 yen to 14,600 yen. Hitachi Ltd decreased 19 yen to 503 yen.

Komatsu Ltd dropped 67 yen to 2,302 yen and Hitachi Construction Machinery Co slipped 52 yen to 1,752 yen after China reported 8.1% increase in economic growth in the first quarter.

Toyo Engineering Corp closed down 7 yen to 373 yen.

Mitsui O.S.K. Lines, Ltd decreased 13 yen to 304 yen, Kawasaki Kisen Kaisha, Ltd fell 6 yen to 161 yen and Nippon Yusen K.K. declined 6 yen to 230 yen.

Fast Retailing Co. declined 280 yen to 18,690 yen a day after the largest apparel retailer lifted earnings outlook. J. Front Retailing Co. Ltd closed down 10 yen to 406 yen.

Mitsubishi UFJ Financial Group decreased 14 yen to 388 yen and Sumitomo Mitsui Financial Group dropped 83 yen to 2,643 yen. Nomura Holdings, Inc fell 9 yen to 345 yen.

Tokyo Tatemono Co., Ltd closed down 12 yen to 293 yen and Mitsui Fudosan declined 41 yen to 1,445 yen and Sumitomo Realty & Development Co. slumped 72 yen to 1,788 yen.

Nippon Steel rose 1 yen to 206 yen and JFE Holdings Inc decreased 0.99% or 16 yen to 1,601 yen.