The Nikkei ended flat on crisis in the euro area
Best Growth Stock – The Tokyo Stock Exchange ended today with an imperceptible drop of 0.01 percent by a day dominated by caution, without the support of Germany to an expansion of the European rescue fund managed to instill market confidence.
The benchmark Nikkei lost 0.94 points at 8700.29 and remained intact, while the Topix index, yielded 1.13 points, or 0.15 percent, to 761.17 points.
The losses were concentrated in the non-ferrous metals sector, the construction and transport equipment, while the winners included consumer finance, the oil and coal and the food.
In the first half of the session, the Nikkei was temporarily encouraged a positive vote from Germany to the expansion of the European Financial Stability Fund (EFSF), but lost momentum as the day progressed.
According to analysts, investors opted for caution when considering that the vote of Germany is just one of many pitfalls to overcome even to contain the crisis.
“There will still be twists and challenges before the European situation is stabilized, including the Slovak Parliament’s vote on FEEF next month,” said Hiroichi Nishi, an analyst at Nikko Securities SMBC, the local agency Kyodo.
The new local currency appreciation against the euro, now it fell to the middle band of 103 yen, in addition to the values dogged exporters, who are adversely affected their competitiveness with a strong local currency.
It was losing ground to multinational groups such as the Nintendo video games, which yielded 1.7 percent, Canon , which was left by 0.3 percent, or the company Olympus , down 1.3 percent.
Furukawa Electric was down 5.3 percent after agreeing to pay a fine of EUR 200 million for alleged price cartel in the U.S. auto parts for a decade.
In the first section ended down 844 values, compared to 663 who completed the hike and 157 who did not change.
Trading volume was 2013.17 million shares, down from 2158.82 million yesterday.
Category: Business News
