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Reply #19: Tokyo stocks lose ground following declines in U.S. shares [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-01-07 10:05 AM
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19. Tokyo stocks lose ground following declines in U.S. shares
http://asia.news.yahoo.com/070501/kyodo/d8ordpa80.html

(Kyodo) Tokyo stocks fell Tuesday with investors discouraged by declines in U.S. shares overnight in a market with few participants during the Golden Week holidays in Japan.

The 225-issue Nikkei Stock Average dropped 125.43 points, or 0.72 percent, from Friday to 17,274.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 7.75 points, or 0.46 percent, to 1,693.25. Japan's financial markets were closed Monday for a national holiday.

The Nikkei index got off to a soft start and drifted lower in the morning as drops in U.S. stocks dampened sentiment in Tokyo, brokers said.

In New York on Monday, the Dow Jones Industrial Average of 30 blue-chip issues lost 58.03 points, or 0.44 percent, from Friday to 13,062.91, ending lower for the first time in five trading days. The Nasdaq Composite Index declined 32.12 points, or 1.26 percent, to 2,525.09.

"The drops in U.S. shares were the first in a while and were relatively sharp," said Yutaka Miura, senior technical analyst at Shinko Securities Co.

The Nikkei trimmed some of its earlier losses in the mid-afternoon on short-covering and moved in a narrow range for the rest of the session.

Miura said many investors refrained from taking fresh positions amid the Golden Week holidays. The Japanese financial markets will be shut again Thursday and Friday.

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