Japan Nikkei plummets to end below 26K level

24 Feb 2022 , 03:08 PM

Japan share market finished lower for fifth consecutive session on Wednesday, 24 February 2022, with investor sentiment hurt as Russia apparently began an attack on Ukraine, claiming it is intended to protect civilians.

Investors sought shelter in safe-haven assets after Russia launched a military operation in Ukraine in what could be the start of war in Europe over Russias demands for an end to NATOs eastward expansion.

At closing bell, the 225-issue Nikkei Stock Average stumbled 478.79 points, or 1.81%, to 25,970.82, the first finish below 26,000 since Nov. 20, 2020. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 23.50 points, or 1.25%, to 1,87.58.

Total 28 of 33 TSE issues declined, with bottom performing sectors were Air Transportation (down 5.4%), Rubber Products (down 4.8%), Glass & Ceramics Products (down 3.3%), Wholesale Trade (down 2.4%), Pulp & Paper (down 2.3%), and Real Estate (down 2.3%).

Heavyweights led losses, with Fast Retailing, Fanuc and SoftBank Group losing 4-7%. Daiichi Sankyo finished marginally higher after announcing its Enhertu cancer drug topped chemotherapy at prolonging patients lives. Airlines also suffered sharp drops, with ANA Holdings dipping 4.7% and Japan Airlines diving 6.2%.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.522, up from 96.190. The Japanese yen traded at 114.44 per dollar.

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