Japanese Stocks Fall to Six-Week Low
13th Nov 2006, 18:33 GMT
Japanese stocks fell Monday to a fresh six-week low, hurt by banks, machinery and commodity-related issues ahead of July-September GDP data due Tuesday. The data is widely expected to show softening economic growth. The benchmark Nikkei 225 index shed 89.94 points, or 0.56 percent, to finish at 16,022.49 points on the Tokyo Stock Exchange -- the Nikkei's lowest closing since Sept. 27. The index lost 86.14 points, or 0.53 percent, to 16,112.43 points to a six-week low Friday amid concerns about a lull in the economy. The broader Topix index, which includes all shares on the exchange's first section, fell 12.61 points, or 0.80 percent, to 1,568.76 points -- the index's seventh session of drops, longest losing streak since May 2005. Stocks started lower led by declines in machinery stocks following the weaker-than-expected machinery data released Friday. Core machinery orders fell 7.4 percent on month in September. Traders were also cautious ahead of Tuesday's July-September GDP data. Commodity and domestic demand issues fell in early trading. "In the short-term, figures suggest the economy is slowing down," said Trevor Hill of head of client trading and execution at UBS. Mizuho Financial Group Inc. posted a 2.11 percent fall to 835,000 yen ($7,136.75) and Shinsei Bank Ltd. lost 2.64 percent to 627 ($5.36). Nippon Oil Corp. shed 0.98 percent to 812 yen ($6.94) and trading company Itochu Corp. sank 3.17 percent to 909 yen ($7.77). Major machinery maker Fanuc Ltd. fell 0.86 percent to 10,360 yen ($88.55). First-section volume fell to 1.635 billion shares, from Friday's 1.950 billion shares. Decliners beat advancers 1,320 to 314, with 71 issues unchanged. In currencies, the U.S. dollar was trading at 117.42 yen on the Tokyo foreign exchange market at 5 p.m. Monday, down from 117.62 yen from late Friday in New York. The euro rose to $1.2870 from $1.2846. The yield on Japan's 10-year government...
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