TOKYO, Sept. 9 (Xinhua) -- Tokyo stocks closed lower on Monday as investor sentiment was dampened by concerns over a potential slowdown of the U.S. economy, with tech-related stocks leading the losses.
Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 175.72 points, or 0.48 percent, from Friday to close the day at 36,215.75, its lowest close in a month.
The broader Topix index, meanwhile, closed 17.69 points, or 0.68 percent, lower at 2,579.73.
Tokyo saw over 90 percent of the stocks on the Prime Market declining at the opening, tracking the previous U.S. stock downturn and due to a stronger yen against the dollar. Market watchers here noted that weaker-than-expected U.S. employment data in August further soured investor mood.
Following last week's decline in U.S. tech stocks, semiconductor-related stocks in Tokyo, such as Tokyo Electron which hit a year-to-date low, were particularly weak.
Export-related sectors like automotive, including Honda and Toyota, also faced selling pressure. The Nikkei's decline at one point exceeded 1,100 points, briefly dropping below 36,000, marking its lowest intraday level in about a month.
The index, however, recovered some losses toward the close, and local analysts pointed out that the swift recovery from the morning's sharp decline suggested that domestic pension funds may have engaged in position adjustments, buying back stocks.
On the top-tier Prime Market, decliners were led by transportation equipment, insurance and marine transportation issues.
Declining issues outnumbered advancing ones by 1,074 to 536, with 34 issues remaining unchanged. Enditem
Go to Forum >>0 Comment(s)