Japanese stocks gave back previous gains

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Source: Dukascopy Bank SA
Japanese equities slumped on Tuesday amid profit-taking after previous rally. Moreover, broadly stronger yen sent exporters lower thus putting additional pressure on Japanese stock average. Meanwhile, investors' attention remained on the forthcoming naming of the new governor of the BoJ. The Nikkei 225 Index fell 0.31% to close at 11,372.34. Only three industries included in the index moved higher. The top-performers were oil and gas as well as consumer goods industries. JX Holdings climbed 2.84%, while Bridgestone jumped 10.37%. Bridgestone skyrocketed after announcing a 50% jump in its operating profit for 2012. Dragging Nikkei 225 Index lower, telecommunication and technology firms retreated 1.11% and 0.85%. Nippon Telegraph & Telephone declined 1.98%, while Alps Electric slumped 2.16%. Among laggards was also Fanuc that dived 4.09% after the Japan Machine Tool Builders' Association announced that China's orders of machine tools plunged by annualized 65% in January.
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Tue, 19 Feb 2013 12:04:03 GMT

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