Japanese stocks inched down on postponed Greek bailout decision

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Source: Dukascopy Bank SA
© Scanpix/AFP
Japanese shares retreated on Tuesday amid lingering concerns over the US fiscal cliff. The eurozone finance ministers delayed an approval of the next bailout installment needed by Greece to November 20. The market sentiment was also dampened by solid Yen that weighted on exporters. The Nikkei 225 Index lost 0.18% to close at 8,661.05. Only four in ten sectors climbed. The top-performers were oil and gas sector as well as utilities. Inpex and JX Holdings added 1.39% and 2.70% despite weak crude oil prices. Among utilities, Chubu Electric Power and Kansai Electric Power gained 1.04% and 3.27%. Industrials also inched up on short-covering. Advantest and Amada added 0.53% and 1.29%. Meanwhile, Olympus soared 5.87% after reporting encouraging first half profits. Dragging Japanese blue chips index lower, telecommunications and financials tumbled 1.21% and 0.42%. Central Japan Railway and Kawasaki Kisen Kaisha dropped 0.91% and 2%, while Chiba Bank and Fukuoka Financial shed 1.29% and 0.99%.


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