Share prices in Tokyo may fall next week as investors act cautiously over the direction of the US tech-heavy Nasdaq index, analysts said. "Market sentiment is under pressure as the Nasdaq continues its correction phase," said Masaaki Higashida, senior market analyst at Nomura Securities. "Foreign investors will be on their selling spree," Higashida added, forecasting the Tokyo Stock Exchange's Nikkei-225 index could fall to the 14,500-point level.Over the past week, the index gained 255.58 points or 1.8 per cent to end the trading-shortened week at 14,837.78. It recovered from Monday's closing level of 14,464.56, which was its lowest since March 4 last year. Tokyo Financial markets will be closed on Friday for a national holiday.
The Topix benchmark of all issues on the exchange's first section gained 24.24 points to 1,424.51. Daily turnover on the major board averaged 411.7 million shares worth 547.6 billion yen (5.1 billion dollars) for the four trading days of the week, against 467.5 million shares worth 655.25 billion yen compared to the previous week.
Aside from the Nasdaq factor, analysts said high oil prices as well as disarray in Japanese politics could drive investors away. "Rising oil prices will weigh on buying sentiment," said Kazumasa Niimi, senior market analyst at the Japan Research Institute.
AFP
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