Tokyo stocks opened lower as oil prices dropped

News Hour:

Tokyo stocks opened lower on Wednesday after three days of gains, tracking Wall Street’s losses and as oil prices dropped.

Leading US indices retreated from record highs on Tuesday, with weakness in petroleum-linked shares, airlines and media companies weighing on the market, reports BSS.

Energy explorer stocks lost ground in Japan amid concerns production from US shale fields is overwhelming OPEC efforts to ease a global supply glut.

“Japanese stocks have risen for three days, and with the overseas environment a little weak, it’s easier for profit taking to take the lead,” said Mitsuo Shimizu, deputy general manager at Japan Asia Securities.

“It’s difficult to judge whether the oil drop is due to a slowdown in growth or if it’s merely a matter of oversupply,” he told Bloomberg News.

Tokyo’s benchmark Nikkei 225 index retreated 0.24 percent, or 48.41 points, to 20,182.00 in early trade, while the Topix index of all first-section issues was down 0.18 percent, or 2.99 points, at 1,614.26.

Oil explorer Inpex slumped 1.80 percent to 1,032 yen while Japan Petroleum tumbled 2.35 percent to 2,238 yen. Takata shares, which lost one-third of their value in the past two days due to bankruptcy fears, were untraded as the number of sell orders swamped buy orders.

Toshiba rose 1.24 percent to 334.3 yen after news reports that its board is meeting on Wednesday in a bid to pick a preferential buyer of its microchip unit.

The reports said Toshiba would discuss a plan to give top negotiating rights to a Japanese government-led alliance with South Korea’s SK Hynix and a US equity fund.

The industrial conglomerate needs to raise money through the sale of the prized business after taking massive losses from US nuclear operations. The dollar was changing hands at 111.37 yen compared with 111.46 yen in New York Tuesday afternoon.


This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Sacred Games exposes Rajshri Deshpande nude [video]
3500 RMG workers in Bangladesh receive banking services for the first time through Sarathi
Ahoy Bangladesh Ltd. making medical treatment in India easy
Anurag Kashyap shoots Kubra Saith 7 times nude and made her cry for frontal nudity scene [Video]
The miracle of Hyperbaric Oxygen Therapy (HBOT) and its potential in Bangladesh
Uber received over 3,000 reports of sexual assault related to its 1.3 billion rides in the United States last year


News of the Month

Scroll Up
%d bloggers like this: