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Asia: Nikkei falls below 9,000
Wed, 08 Feb, 2012
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Asia: Nikkei falls below 9,000
Tue, 24 Aug 2010, 08:46:00
The Nikkei fell below 9,000 for the first time in 15 months as the strong yen wiped out demand for exporters. Increasing concern about the slowing economic growth also dampened buyer appetite. <b>Canon</b> retreated 1.7%, <b>Sony</b> fell 3.7% to 2,406 yen while <b>Tokyo Electron</b> lost 2.6%. Financials also came under fire with shares in <b>Sumitomo Mitsui Financial</b> down 1.03% and <b>Mitsubishi Tokyo Financial</b> off 1.9%. Elsewhere shares of <b>Astellas Pharma</b> rose 0.7% following an upgrade from Credit Suisse. <b>Nomura Real Estate</b> slumped over 6% after the Swiss broker downgraded the stock to "underperform" from "neutral" and reduced its target price to 1,000 yen from 1,200 yen. The benchmark Nikkei 225 index closed down 121 points at 8,995, below the key 9,000 mark. The Hang Seng fell on Tuesday with trading thin on the ground on fears about slowing global growth and after a weak close in the US overnight. Chalco or <b>Aluminum Corp of China</b> fell after it reported a second quarter loss and warned it expects prices to remain volatile going into the second half. Phone giant <b>PCCW</b> slumped 9.8% on news that it will sell new shares privately. Other movers included internet group <b>Tencent</b> which retreated 4% after broker Deutsche Bank downgraded the group to "hold." The Hang Seng index closed fell 230 points at 20,659 in Hong Kong.
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