Japanese stocks tumbled on escalated tensions with China

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Source: Dukascopy Bank SA
Japanese shares dropped on Tuesday amid escalated tensions over a group of islands recently purchased by Japan from China. Several large Japanese companies suspended operations in China because of protests that turned to violence in some China's cities. Japan's companies with high exposure to China created heavy pressure on the Japanese stock index. The Nikkei 225 Index edged lower by 0.39% to end Tuesday's session at 9,123.77. Five out of ten sectors within the index climbed. The biggest gains poised oil and gas and utility companies. Oil and gas firms rallied amid disputes over Chunxiao gas fields. JX Holdings and Inpex rose 1.63% and 2.89%. Among utility companies, Chubu Electric Power and Osaka Gas Co climbed 2.99% and 0.29%.  Sending the Japanese equities lower, consumer services tumbled 4.29%. Retailers also dropped, with Aeon Co and Fast Retailing sagging 2.79% and 6.97% after closing their stores in China.

 

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Tue, 18 Sep 2012 14:55:05 GMT

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