Nikkei Extends Weekly Plunge to 7.5%

Hiruki Nakamura
17 Oct, 2014
New York City

Stocks in Tokyo closed lower and extended weekly losses. Nikkei 225 Stock Average declined 1.4% and for the week plunged 7.5%. Daiwa House REIT reported revenues in the fiscal year increased 19% and net rose 20%. Japan Material Co rose on better sales outlook.

[R]4:30 PM Tokyo – Stocks in Tokyo closed lower and extended weekly losses. Nikkei 225 Stock Average declined 1.4% and for the week plunged 7.5%. Daiwa House REIT reported revenues in the fiscal year increased 19% and net rose 20%. Japan Material Co rose on better sales outlook.[/R]

Stocks in Tokyo closed for the second day in a row and market indexes extended losses for the week and for the year.

The Nikkei 225 and Topix dropped on weak banks and exporters and the Topix index wiped off the yearly gain after surging 51% in 2013.

Nikkei extended yearly losses to more than 10% and the Topix plunged 13% from a 6-year high on September 25.

The Nikkei 225 Stock Average declined 205.87 or 1.4% to 14,532.51 and the broader Topix index slumped 18.28 or 1.5% to 1,177.22.

For the week, Nikkei 225 tumbled 7.5%.

The yen gained 0.2% and closed at 106.26 against one dollar.

Stocks in Review

Daiwa House REIT Investment Corporation gained 0.5% to 473,500 yen after the real estate developer reported revenue in the year ending in August climbed 18.6% to 4.93 billion yen from 4.15 billion yen a year ago period.

Net income in the year jumped 20.4% to 2.36 billion yen compared to 1.96 billion yen and earnings per share increased to 8,188 yen from 7,96 yen in the period a year ago.

Japan Material Co Ltd surged 7.9% to 4,225 yen after the gas supply device maker revised higher net sales forecast for the year to 5.50 billion yen, an increase of 10% and net income to rise 19% to 750 million yen.

JX Nippon Oil & Energy Corporation, the oil wholesaler plans to expand into the country’s retail electricity market, after the market deregulation takes effect as early as 2016.