Japanese shares fall as market overheated

Source: Dukascopy Bank SA
© scanpix/AFP
Japanese equities fell pushing down the Nikkei 225 Stock Average after a technical indicator showed the market might be overheating.  However, losses were limited amid rising utilities on possibility the nuclear reactors will be restarted this summer. The Nikkei index fell 0.19% or 17.77 points to 19,527.39. The reading has gained 0.9% this week.  Seven out of ten sectors fell with Telecommunications losing the most by dropping 2.37%, while Oil and gas lost 0.65%. Meanwhile, Utilities rose 0.90% led by surging shares of Tokyo Electric power and Chubu Electric power. Tokyo Electric Power advanced the most by jumping 13% to 149 yen, while the electricity supplier in the Central Japan region Chubu Electric Power added 5.9% to 1,120 yen. Alongside, the Sharp Corporation persisted to advance since December 4 when it announced to sell shares to Qualcomm Inc. for strategic alliance to develop displays. The television maker soared 8.54% to 216 yen. Meanwhile Fujitsu, KDDI Corp and Yokogawa Electric tumbled 3.57%, 2.97% and 2.43%, respectively.


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