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Krihaat Glass Hill,
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Al Noor development,
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Al Sanaa Development,
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Japanese stocks fall amid investors worries about upcoming US earnings reports |
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HOME >> NEWS >> Japanese stocks fall amid investors worries about upcoming US earnings reports |
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 TOKYO - Japan's main stock index fell Friday to a two-year low as investors worried about upcoming earning reports from U.S. financial groups.
The benchmark Nikkei 225 fell 277.32 points, or 1.93 percent, to 14,110.79 points, its lowest close since Nov. 15, 2005 when the Nikkei finished at 14,091.77. The index also lost 1.45 percent Thursday.
A New York Times report that Merrill Lynch may post a US$15 billion (�10 billion) subprime-related write-down, almost double the original estimate, for the fourth quarter shook the Tokyo market, traders said.
The company is expected to disclose the huge write-down when it reports earnings next week, the report said. Citigroup Inc. is also likely to report heavy losses when it reports fourth-quarter results next week.
Investors were sensitive to any potential additional losses, said Hiroyuki Fukunaga, chief executive and analyst at Investrust Inc., an independent investment-research company.
Any new losses could "trigger concern about the U.S. economy falling into recession, and possibly affecting the Japanese economy," he said.
Real estate stocks were among the decliners. Nippon Building Fund fell 2.8 percent to 1.41 million yen. Nomura Holdings fell 4.5 percent to 1,644 yen.
Shipbuilder IHI bucked the general trend and gained 1.4 percent to 218 yen on news it is in talks with JFE Holdings on a tie-up in shipbuilding operations. JFE Holdings ended the day 0.5 percent lower at 5,460 yen after rising as much as 4.4 percent in early trade.
The broader Topix index, which includes all shares on the Tokyo exchange's first section, fell 23.78 points, or 1.70 percent, to 1,377.58 points. The Topix fell 1.61 percent to 1,401.36 points Thursday.
In currency trading, the dollar fell to 108.99 yen, from 109.54 yen late Thursday in New York. The euro rose to US$1.4811 from US$1.4793.
Source: http://malaysia.news.yahoo.com/ |
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