Tuesday, October 29, 2013
Nikkei Ends Lower In Reaction To Monday's Surge
TOKYO (NQN)--Tokyo stocks closed lower Tuesday, with the Nikkei Stock Average falling 70.06 points, or 0.49%, to end the day at 14,325.98.
In addition to profit-taking in reaction to the market's more than 300-point rise the previous day, stocks were also weighed down by the dollar's depreciation to the mid-97 yen level.
Komatsu Ltd.'s (6301) weak earnings report for the year ending March 2014 contributed to the temporary slide of more than 170 points in the benchmark index.
On the other hand, media reports that the People's Bank of China supplied funds to the money market eased concerns about a liquidity squeeze in China, helping the Nikkei average resist further declines at Monday's closing level. Trading was largely directionless because many investors took a wait-and-see approach ahead of earnings announcements by major companies and the meeting of the U.S. Federal Open Market Committee.
The Topix index was also lower, with 25 of the 33 subindexes falling.
The preliminary trading value on the first section of the Tokyo Stock Exchange came in 1.87 trillion yen, with 2.9 billion shares changing hands.