CORRECTED: Tokyo stocks inch down in morning on drop in U.S. shares.TOKYO, Nov. 17 Kyodo Tokyo stocks inched down Wednesday morning on an overnight drop in U.S. shares, but the fall was limited as oil exploration company Inpex Corp.'s strong debut buttressed market sentiment Market Sentiment The feeling or tone of a market (i.e. crowd psychology). It is shown by the activity and price movement of the securities. Notes: For example, rising prices would indicate a bullish market sentiment. . The 225-issue Nikkei Stock Average Nikkei stock average Applies mainly to international equities. Price-weighted average of 225 stocks of the first section of the Tokyo Stock Exchange started on May 16, 1949. Japanese equivalent of the US Dow. fell 4.72 points, or 0.04 percent, to 11,157.03. The broader Tokyo Stock Price Index of all First Section issues lost 2.96 points, or 0.26 percent, to 1,117.41. Brokers said the declines were due to weak U.S. shares and selling in domestic demand-related issues such as bank and insurance stocks, which rose the previous session. But the losses were limited as Inpex's strong performance bolstered market confidence, brokers said. The company debuted on the TSE's First Section in the morning. ''Inpex's popularity served as a supportive factor to the market'' despite a fall in bank and insurance issues, said Hiroichi Nishi, equities general manager at Nikko Cordial Securities Inc. Inpex went public two days after chip maker Elpida Memory's strong debut, on also the First Section. Inpex, a government-affiliated energy company, ended the morning at 556,000 yen after fetching an initial quote of 576,000 yen at 9:45 a.m. It set its initial public offering price at 465,000 yen. Inpex was the morning's most heavily traded issue by value. Mining, transport equipment, and oil and coal issues were the main decliners in the morning. Telecom, nonferrous metal and land transportation shares were notable gainers. Volume on the TSE's main section shrank to 560.53 million shares from Tuesday morning's 675.87 million. Losing issues outnumbered winners 812 to 551, with 213 issues ending the morning unchanged. The morning's volume leader was Mitsubishi Motors, up 2 yen to 113 yen. Other notable gainers included scandal-tainted Seibu Railway, which will be delisted from the bourse Dec. 17 for falsifying financial statements. The railway operator, whose stock was moved to the TSE's liquidation post from the monitoring post Wednesday, jumped 73 yen to 341 yen after saying it plans to go public on the Jasdaq over-the-counter stock market. The TSE's Second Section index fell 5.57 points, or 0.19 percent, to 2,994.24 on volume of 41.53 million shares. In Osaka, the near-term December Nikkei 225 index futures Index Futures A futures contract on a stock or financial index. For each index there may be a different multiple for determining the price of the futures contract. Notes: For example, the S&P 500 index is one of the most widely traded index futures contracts in the U.S. contract was down 20 points to 11,160. U.S. stocks fell Tuesday for the first time in four trading days on worries about inflation after a surge in the Producer Price Index fueled by rising crude oil and food prices. The Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. fell 62.59 points, or 0.59 percent, to 10,487.65. The tech-heavy Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed lost 15.47 points, or 0.74 percent, to 2,078.62. |
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