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Market Update

Nikkei in Tokoy Extends 2016 Losses to 9.9%

Author: Hiruki Nakamura
Last Update: 11:04 AM ET January 16 2016

4:30 PM Tokyo Nikkei average closed down as markets in Asia dropped for the second week in a row. Nikkei extended weekly loss to 3.4% and plunged nearly 10% in 2016.

Stocks in Tokyo closed down in active trading and indexes lacked direction after Asian markets struggled on the rising worries of spread of deflation to global markets.

The Nikkei 225 Stock Average slipped 93.84 or 0.5% to 17,147.11 and the broader Topix index fell 4.10 to 1,402.45.

For the week, Nikkei 225 dropped 3.4% and plunged 9.9% in the year-so-far.

The yen declined against the U.S. dollar to 116.99.

Stocks in Review

Kawasaki Heavy Industries Ltd plunged 6.6% to 371 yen after the transportation and industrial equipment maker estimated an impairment loss of about 22 billion or $187 million in its Brazilian shipbuilding business in the third-quarter ending in December.

Sharp Corporation surged 14.7% 125 yen after the Yomiuri newspaper said Taiwan-based Hon Hai Precision Industry Co plans for a buyout offer in the electric and electronic equipment maker with an invest of about 700 billion yen or $5.9 billion.

Tokyo Gas Co Ltd gained 1.1% to 533.60 yen after the gas distributor forecasted to write-down of 10.6 billion yen or $90 million on its U.S. shale gas project.

Last year, the company booked an impairment loss of about 31 billion yen on its U.S. shale and Australia liquefied natural gas projects.

Takashimaya Company, Limited rose 0.2% to 979 yen after the department store operator said sales in December increased 2.1% and sales at four regional stores in Okayama, Gifu, Yonago and Takasaki gained 1.9%.

Sales in the Western region dropped 3.9% but sales in the Eastern region rose 1.2% but total sales in the month edged down 0.9%.

Corporate segment sales surged 23.9% and sales from the cross-media business segment soared 17.1%.

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