Thursday, October 24, 2013
Nikkei Dips Below 14,300 As Risk-Averse Investors Sell
TOKYO (NQN)--Tokyo stocks are slightly widening losses midway through the morning session Thursday, with the Nikkei Stock Average falling 140 points to dip below 14,300.
Overnight losses on overseas markets are making investors risk-averse, pushing down blue chips, including exporters and financial stocks. The dollar's weakening to the lower-97 yen level is also prompting the selling of stock index futures.
After selling ran its course in the early morning, the Nikkei average quickly began trimming its losses. Stocks in the U.S. and Europe fell overnight partly because of a 287-point plunge in the Nikkei average on Wednesday. But some investors expect stocks to rise and are buying stocks on dips.
Stocks that are down include Toyota Motor Corp. (7203), Sony Corp. (6758), Taisei Corp. (1801), Mitsubishi UFJ Financial Group Inc. (8306) and Sumitomo Mitsui Financial Group Inc. (8316). Komatsu Ltd.'s (6301) decline follows a weak earnings announcement by Caterpillar Inc. Kyoei Steel Ltd. (5440), Foster Electric Co. (6794), Renesas Electronics Corp. (6723) and Japan Exchange Group Inc. (8697) are down sharply.