Nikkei hits four-month low on Wall Street fallMarch 6th, 2009 - 2:10 pm ICT by IANS
Tokyo, March 6 (DPA) Japan’s benchmark Nikkei 225 Stock Average hit a four-month low Friday after Wall Street plunged overnight and the yen advanced against the US dollar.
The benchmark Nikkei index plunged 260.39 points, or 3.5 percent, to close at 7,173.1 after it gained nearly 2 percent the previous day on hopes in China’s expected economic stimulus measures.
The broader Topix index of all first section issues was also down 20.16 points, or 2.72 percent, to 721.39.
The Tokyo market was hit further by spreading worries over US auto giant General Motors Corp and its ability to survive a massive downturn in the car industry.
The stronger yen hurt exporters as it shaved off earnings of Japanese firms.
For the week, the Nikkei lost 5.22 percent, and the Topix also declined 4.67 percent.
On currency markets at midday (0300 GMT), the dollar traded at 98.10-15 yen, down from Thursday’s 5 p.m. quote of 99.60-62 yen.
The euro traded at $1.2565-70, down from late Thursday’s quote of $1.2610-12, and at 123.31-36 yen, down from 125.60-64 yen.