Tokyo stocks fall for 7th day
- Source: Xinhua
- [16:43 July 09 2009]
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Tokyo stocks fell Thursday for the seventh straight trading day on the yen's sharp appreciation against the dollar.
The benchmark Nikkei-225 index lost 129.69 points, or 1.38 percent, from Wednesday to 9,291.06, its lowest closing since May 22.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 14.63 points, or 1.65 percent, to an eight-week closing low of 873.91.
The seven-day losing streak is the longest on the Tokyo markets for more than 10 months.
Stocks declined almost across the board, led by securities, banking and consumer finance issues. The only gainers were sea transport, and electricity and gas issues.
The yen, which rose to 92 yen range Thursday, dealt a blow to Japanese exporters, whose profits were eroded when repatriated home.
Electronics giant Sony lost 65 yen, or almost 3 percent, to 2,250 yen, while industry bellwether Toyota Motor was down 70 yen, or about 2 percent, to 3,400 yen.
Plunging oil prices on the international markets sent the oil refineries share prices down, with Japan Petroleum Exploration sliding 170 yen, or nearly 4 percent, to 4,520 yen and trading house Marubeni retreated about 2 percent.
Toshiba bucked the trend, climbing about 4 percent, or 12 yen, to 341 yen, while another battery maker GS Yuasa, the day's value leader, edged up 5 yen, or about 1 percent, to 807 yen. Volume leader Mizuho Financial Group lost 6 yen, or close to 3 percent, to 206 yen.
Brokers said in the short term the market is likely to remain sluggish until there is new evidence to show the economy is recovering quicker-than-expected.
On the First Section, declining issues overwhelmed advancing ones 1,318 to 293, with 86 others remaining unchanged.
Trading volume on the main section came to 2.080.17 million shares, down from Wednesday's 2,128.25 million.
The TSE's Second Section index was down 10.98 points, or 0.50 percent, to 2,170.29 on a volume of 96.00 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract was down 100 points to 9,310.