Return
to Story Page
To print: Select File and then Print from your
browser's menu
AGENCE FRANCE PRESSE
Tokyo stocks fell 1.9 per cent on Tuesday in response to the dollar's slide against the yen, brokers said. A rebound in government bond prices also weighed on share prices while the lack of buying support from foreign investors, who supported the market late last year, exaggerated the pace of declines, brokers said. "Participants are in no mood to trade in blue-chip exporters, as they can not foretell at which levels, and when, the yen's ongoing appreciation will come to an end," a Yamamaru Securities broker said. The Nikkei-225 leading issues on the Tokyo Stock Exchange fell 256.92 points to end the morning session at 13,158.97.
Share prices made a firm start, benefitting from modest short-covering and futures-linked buying in the wake of the rebound of the March futures contract in Chicago, brokers said. But they turned lower on futures-linked selling as the dollar resumed its fall against the yen. The US currency tumbled to its lowest level for more than two years here, dealers said. In early trade thegreenback touched 110.70 yen. Blue-chip exporters emerged as the main target of selling amid uncertainties about the extent of the yen's appreciation. They said the stock market's slide was expected to have "no serious, negative impact" on economic activity in Japan.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------