Stocks Morning UPDATE1
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Sept. 25 -- (Kyodo) _ (EDS: ADDING INFO)
Tokyo stocks fell Wednesday morning, dragged down by concerns over the U.S. fiscal problem that led to consecutive falls in U.S. shares overnight.
The 225-issue Nikkei Stock Average shed 57.96 points, or 0.39 percent, from Tuesday to 14,674.65. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 6.89 points, or 0.57 percent, at 1,207.98.
Decliners were led by iron and steel, machinery and air transport issues, while gainers were the electric and gas, sea transport and fishery, agriculture and forestry sectors.
Stocks moved lower after the Dow Jones Industrial Average closed down for the fourth straight session amid uncertainty over the outcome of the U.S. debt ceiling debate and the timing of the Federal Reserve's tapering of its monetary easing measures, brokers said.
The relative weakness of the U.S. dollar, remaining in the upper 98 yen range, also weighed on the stock market, with some export-oriented technology issues losing ground -- including Canon, which lost 40 yen, or 1.3 percent, to 3,115 yen, and Sharp, which fell 9 yen, or 2.5 percent, to 354 yen.
"The dollar is susceptible to selling because of the U.S. fiscal problem, causing the yen to rise and weighing on the stock market," said Yutaka Miura, a senior technical analyst at Mizuho Securities Co.
The Nikkei index obtained support, however, from rises in some semiconductor-related issues after semiconductor manufacturing equipment maker Tokyo Electron said Tuesday the company has agreed with Applied Materials Inc. of the United States to merge in the second half of next year.
Tokyo Electron jumped 660 yen, or 13.6 percent, to 5,510 yen, while major chipmaker Renesas Electronics gained 6 yen, or 1.3 percent, to 458 yen.
"The news raised investors' expectations for further realignment in the semiconductor industry," said Maki Sawada at Nomura Securities Co.'s investment research department.
Declining issues outnumbered rising ones 1,247 to 402 on the First Section, while 104 ended the morning unchanged.
(c) 2013 Kyodo News International, Inc.
[ Back To Technology News's Homepage ]