Tokyo stocks drop on renewed concern over European debt crisis
Mainichi -- Apr 05

Tokyo stocks dropped for the third consecutive session Thursday, with the benchmark Nikkei index closing at a one-month low, on renewed fears about the eurozone sovereign debt crisis and its impact on the global financial system. After losing more than 230 points in the previous session, the 225-issue Nikkei Stock Average ended down 52.38 points, or 0.53 percent, from Wednesday at 9,767.61, the lowest close since March 7 when it finished at 9,576.06.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 2.79 points, or 0.33 percent, lower at 832.57.

Major decliners included the sea transport, insurance and mining sectors. Gainers were led by the electricity and gas, pulp and paper, and land transport sectors.

Stocks faced selling after poor results from Spain's government bond auction rekindled concerns about the debt crisis, while overnight weakness in European and U.S. markets also dampened investor sentiment, brokers said.

Bank issues lost ground on fears about the impact of the crisis on the global financial system. Sumitomo Mitsui Financial Group fell 38 yen, or 1.4 percent, to 2,650 yen and Resona Holdings shed 5 yen, or 1.3 percent, to 369 yen. During the morning session, the Nikkei index briefly fell to as low as 9,692.70, its lowest intraday level since March 8, when it touched 9,659.15.

News source: Mainichi

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