Japan Nikkei falls on for 4th day

30 Nov 2022 , 02:26 PM

Japan share market lost ground for the fourth straight session in sluggish trading on Tuesday, 29 November 2022, as risk aversion selloff continued on tracking mixed cues from Wall Street overnight and sharper-than-expected dip in Japans industrial production data. Also, investors were disappointed by Chinas stance to stick with its strict zero-COVID policy despite rare nationwide protests. Most of the investors retreated to the sidelines ahead of U.S. Federal Reserve Chairman Jerome Powells speech for clues on the direction of monetary policy. At closing bell, the 225-issue Nikkei Stock Average index declined 58.85 points, or 0.21%, to 27,968.99. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 7.40 points, or 0.37%, to 1,985.57. Total 23 of 33 TSE sectors declined, with Electric Power & Gas, Retail Trade, Precision Instruments, Mining, Services, and Securities & Commodities Futures issues being notable losers. On the other side, shares of Marine Transportation, Transportation Equipment, and Iron & Steel issues were notable gainers. Among individual stocks, Eisai shares climbed nearly 4% after the pharmaceutical company presented the full results of a trial of its Alzheimers drug. Nidec shares declined 1%, after a report said the motor maker will acquire Pama, an Italian producer of machine tools, in a deal estimated to be worth 15 billion yen ($108 million). ECONOMIC NEWS: Industrial production in Japan was down a seasonally adjusted 2.6% on month in October, following the 1.7% drop in September, the Ministry of Economy, Trade and Industry said on Wednesday. On a yearly basis, industrial production rose 3.7%, slowing from 9.6% in the previous month. CURRENCY NEWS: The dollar fetched 138.47 yen in Asian trade, against 138.67 yen in New York late Tuesday. Powered by Capital Market – Live News