Nikkei Plunges 2.8%, Gree, DeNA Tumble 20%

Nigel Thomas
07 May, 2012
New York City

Stocks in Tokyo plunged after election results in Greece and France prompted more worries in the euro zone. Resources linked companies fell after crude oil eased to a 4-month low and fell below $100 a barrel for the first time in the period.

[R]8:30 PM Tokyo – Stocks in Tokyo plunged after election results in Greece and France prompted more worries in the euro zone. Resources linked companies fell after crude oil eased to a 4-month low and fell below $100 a barrel for the first time in the period. Social game developers plunged on the expectations of a regulatory crackdown.[/R]

The benchmark index in Tokyo dropped nearly 3% and the euro eased against the yen after election results in Greece and France.

The latest results prompted more worries in the euro zone after France elected its first Socialist president and Greece headed for a coalition government talks that may last ninety more days.

The yen in Tokyo trading strengthened and the euro eased to 103.24 yen and the dollar weakened to 79.65 yen.

The Nikkei 225 Stock Average plunged 261.11 or 2.8% to 9,119.14 and the broader Topix index slides 20.81 to 772.06.

Trading volume declined to 3-month low on the main board of Tokyo Stock Exchange to 1.33 billion shares.

Stock Movers

Online gaming developers were in focus after the Yomiuri newspaper reported Consumer Affairs Agency has decided to ask social network game developers to stop “questionable” sales practices.

Sharp Corp continued losses from the last week and declined 26 yen or 5.8% to 422 yen and reached a new 28-year low.

Kansai Electric Power Company, Inc declined 33 yen to 1,096 yen and Tokyo Electric Power decreased 13 yen to 178 yen.

Toyota Motor closed down 95 yen to 3,110 yen and Honda Motor Co. plunged 158 yen to 2,660 yen and Nissan Motor Co Ltd slumped 42 yen to 766 yen.

Sony Corp declined 57 yen to 1,213 yen. Panasonic Corp closed down 25 yen at 577 yen and Canon Inc tumbled 70 yen to 3,530 yen.

Olympus Corp closed down 55 yen to 1,155 yen, Nikon decreased 32 yen to 2,279 yen and Fanuc Ltd dropped 390 yen to 13,480 yen. Hitachi Ltd slumped 24 yen to 468 yen.

Komatsu Ltd decreased 110 yen to 2,146 yen and Hitachi Construction Machinery Co slides 75 yen to 1,608 yen.

Energy and resources companies declined after crude oil futures fell to a 4-month low. Inpex Corp dropped 5% to 499,000 yen and Japan Petroleum Exploration Co. fell 5.3% to 3,425 yen.

Mitsui O.S.K. Lines, Ltd fell 7 yen to 287 yen, Kawasaki Kisen Kaisha, Ltd slipped 11 yen to 151 yen and Nippon Yusen K.K. closed down at 7 yen to 225 yen.

Nippon Electric Glass Co Ltd slumped 3.7% or 22 yen to 566 yen and Asahi Glass Co Ltd decreased 13 yen to 593 yen.

Fast Retailing Co. plunged 610 yen to 16,890 yen and J. Front Retailing Co. Ltd fell 11 yen to 403 yen.

Mitsubishi UFJ Financial Group declined 12 yen to 364 yen and Sumitomo Mitsui Financial Group dropped 72 yen to 2,446 yen. Nomura Holdings, Inc closed down 23 yen to 290 yen.

Tokyo Tatemono Co., Ltd slipped 12 yen to 271 yen and Mitsui Fudosan decreased 58 yen to 1,348 yen and Sumitomo Realty & Development Co. plunged 75 yen to 1,757 yen.

Nippon Steel fell 5 yen to 188 yen and JFE Holdings Inc slumped 66 yen to 1,385 yen.