Japanese shares decline as the market overheated

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Source: Dukascopy Bank SA
Japanese stocks extended their losses for a second straight day on concerns the market is too overheated after the Nikkei rising to its highest level in more than four years. The Nikkei 225 Index dropped 0.6% to 12,239.66 at its close. Most of the groups in the index declined with consumer services and utility shares falling the most by 1.5% and 1.2%, respectively. Consumer goods climbed 0.5%, as Japan Tobacco rallied 7.2% to 3,205 yen for the biggest gain on Nikkei. Furthermore, Shinogi & Co added nearly 4% to cap losses in health care group that was 0.7% down. On the downside, Japan Steel Works, a machinery producer for casts, forged steel, and plastics, erased 4.6% to 515 yen after trading at 540 yen at its previous close. The Japanese second largest utility Kansai Electric Power followed with a 3.6% slump on speculation the government will call for more conservation in the nearest future.

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Wed, 13 Mar 2013 14:58:03 GMT

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