Nikkei falls 1.78% on Middle East turmoil, Moody's downgrade (4)

21:01, February 22, 2011      

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The world's largest automaker Toyota Motor Corp. lost 2.6 percent to 3,805 yen and Hitachi Ltd. fell 2.8 percent to 483 yen. Canon relinquished 2.2 percent to 4,010 yen and Sony declined 1.3 percent to 3,035 yen.

Analysts said that the turmoil in the Middle East had accelerated an expected rebalancing in the market, which on Tuesday saw investors picking up defensive shares with little exposure to external factors and domestic transport, gas and power- related issues, in favor of blue-chip and exporters that have outperformed the broader market recently.

Trading volume on Tuesday increased to 2.51 billion shares on the Tokyo Exchange's First Section, up from Monday's volume of 2. 08 billion shares, with declining issues outpacing advancing ones by 1,429 to 171.

Source: Xinhua
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