| CATEGORY: MARKET REPORT - ASIA |
Asia: Nikkei at 26-year low |
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Mon 09 Mar 2009
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LONDON (SHARECAST) - The Nikkei slumped to a 26-year closing low Monday on increasing concern about the global economic downturn and as hopes of further Chinese stimulus plans fade.
Jitters about falling sales in the US hit shares in Honda, which fell 2.1%, following weak jobs figures in the US on Friday and as data by the Ministry of Finance showed Japan had its first current-account deficit in January since 1996 as exports fell.
The benchmark Nikkei 225 index closed down 87 points to 7,086, the lowest close since October 1982.
Shares in silicon wafers maker Sumco sank 12% in Tokyo after it forecast losses. A rise in energy prices however gave shares in Inpex and Nippon Oil a boost. Both were up over 2%. Commodity trading houses such as Mitsubishi also stepped higher.
Elsewhere insurer Tokio Marine fell nearly 6% after the UK government took a 65% controlling stake in Lloyds Banking Group.
Takeda Pharmaceutical fell 13% after US regulators said more data was needed for one of its key drugs, prompting fears about long delays for approval.
Concern about the future of General Motors weighed on car makers in Tokyo ahead of a meeting this week with the group, Chrysler and officials from the United Auto Workers.
The Hang Seng slid Monday, with shares in HSBC stooping to a 13-year low. The banking giant dropped to HK$38.85, its lowest since July 1996. ICBC rose 1.9%.
Ongoing concern about corporate losses and the deepening global recession set the tone at the start of the week.
In earnings news Foxconn International sank 11% after it posted a second-half loss. Property giant China Overseas Land & Investment added 3.3% on optimism about China’s stimulus plans.
Cnooc added 3% in Hong Kong.
Hong Kong's Hang Seng closed 576 points to 11,345.
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