Nikkei drops 0.61% on Shanghai stocks' retreat, output data provides support (2)

21:12, December 28, 2010      

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The 225-issue Nikkei Stock Average lost 63.36 points, from Monday to 10,292.63, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 1.85 points, or 0. 20 percent, to 902.83.

The Shanghai Composite Index, which tracks the bigger of the country's stock exchanges fell 1.7 percent Tuesday, extending Monday's 1.9 percent decline and hence China-linked shares duly retreated.

Komatsu fell 0.6 percent to 2,472 yen and Kubota shed 0.3 percent to 776 yen. Inpex retreated 1.7 percent to 482,000 yen and Japan Petroleum Exploration Co., the nation's second-biggest oil driller, slipped 1 percent to 3,075 yen.

With the Japanese currency rising to 82.42 against the dollar from 82.75 at the beginning of trading Tuesday -- the strongest level in intraday trading since Dec. 7 -- some exporters took a battering as a stronger yen reduces income at Japanese companies when overseas revenue is repatriated.

Nissan lost 1.3 percent to 781 yen and Honda Motor skidded down 1.1 percent to 3,260 yen.

Canon Inc. lost 1.7 percent to 4,235 yen and Tokyo Electron relinquished 1 percent to 5,170 yen. Kyocera Corp., meanwhile, an electronics maker that gets more than half of its revenue outside Japan, fell 0.7 percent to close the day at 8,360 yen.

Japanese megabanks, which are highly susceptible to economic swings stood firm in the face of today's positive manufacturing data, with Mizuho climbing 1.3 percent to 155 yen and top-lender Mitsubishi UFJ Financial Group Inc. adding 0.5 percent to 443 yen. Sumitomo Mitsui Financial Group Inc., for its part, closed the day in positive territory advancing 0.5 percent to 2,914 yen.

Trading volume on Tuesday fell to less than 1.08 billion shares on the Tokyo Exchange's First Section, down from Monday's volume of just over 1.25 billion and marking the lowest level this year.

Declining issues outnumbered advancing ones by 754 to 721.

Source: Xinhua

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