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Market Update

Nikkei Fall 1.4% in Asian Sell-off

Author: Hiruki Nakamura
Last Update: 9:56 AM ET February 21 2013

5:00 PM Tokyo Tokyo markets declined in a regional selloff and energy and metal prices fell. Machinery exporters to China closed lower on the worries that China may tighten lending to curb property speculation. NTT East plans 20% reduction in staff.

Stocks in Tokyo closed lower for the first time in four days on the worries that the U.S. Fed may withdraw stimulus prematurely and China may tighten lending.

However, traders held out the optimism and cited the report that the Government Pension Investment Fund is likely to consider increasing its exposure to domestic stocks in its first portfolio reallocation in several years.

Markets across Asia declined in a broad sell-off with the indexes in Shanghai falling 3%, in Hong Kong declining 1.7% and in India dropping 1.6%.

The Nikkei 225 Stock Average declined 159.15 or 1.4% to 11,309.13 and the broader Topix Index dropped 10.84 or 1.1% to 962.86.

The yen strengthened to 93.12 against one dollar.

Stocks in Review

GS Yuasa Corp soared 8% to 352 yen on media reports that Boeing officials are scheduled to meet U.S. regulators and present a series of measures to prevent battery failure that may allow the Dreamliner jet back into the air in few weeks.

NTT, Nippon Telegraph and Telephone, increased 0.8% to 4,330 yen after a local media report said that its unit NTT East plans to cut 6,000 people or 20% of its staff in five years.

Resource sector stocks declined after futures of energy and base metal fell.

Inpex dropped 3% to 497,500 yen and Japan Petroleum Exchange Co declined 2.6% to 3,530 yen and Sumitomo Metal Mining Co plunged 5.6% to 1,427 yen.

Toyota Motor Corp. dropped 55 yen to 4,765 yen and Honda Motor Co. slipped 25 yen to 3,475 yen and Nissan Motor Co Ltd rose 2 yen to 940 yen.

Mazda Motor Corp slumped 8 yen to 268 yen. Yamaha Motor Co Ltd added 3 yen to 1,068 yen.

Nippon Steel decreased 8 yen to 249 yen and JFE Holdings Inc declined 90 yen or 4.4% to 1,946 yen.

Ebara Corp slipped 6 yen to 369 yen and the maker of hydraulic pumps said it plans to raise as much as 15.2 billion yen through share sale.

Sony dropped 24 yen to 1,331. Canon Inc slumped 40 yen to 3,305 yen and Nikon fell 18 yen to 2,122 yen. TDK Corp decreased 30 yen to 3,275 yen.

Nintendo Co. Ltd jumped 110 yen to 8,870 yen. Dainippon Screen Manufacturing Co climbed 11 yen to 471 yen.

China linked machinery makers declined after Caterpillar cited a decline in global retail sales and China is likely to tighten lending.

Fanuc Corp. declined 320 yen to 14,260 yen and Komatsu Ltd slumped 99 yen or 4.1% to 2,311 yen. Hitachi Construction Machinery Co dropped 75 yen to 2,115 yen.

Softbank Corp dropped 85 yen to 3,310 yen.

FamilyMart Co Ltd, the convenience chain operator gained 35 yen to 4,000 yen and Lawson slumped 50 yen to 7,130 yen. Ito En Ltd decreased 10 yen to 1,852 yen.

Seven & I Holdings Co fell 26 yen to 2,789 yen. Fast Retailing Co. slipped 540 yen to 24,910 yen and J. Front Retailing Co. Ltd closed unchanged at 550 yen.

Mitsubishi UFJ Financial Group slid 13 yen to 520 yen and Sumitomo Mitsui Financial Group dropped 105 yen to 3,720 yen. Dai-Ichi Life declined 2.8% to 130,500 yen. Nomura Holdings, Inc slumped 11 yen to 533 yen.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc