Nikkei snaps 3-day winning streak on caution over rising oil prices.
The Nikkei index snapped a three-day winning streak with modest losses Monday as caution over soaring oil prices and the stocks' fast-paced gains in recent sessions prompted selling.
The 225-issue Nikkei Stock Average ended down 13.45 points, or 0.14 percent, from Friday at 9,633.93. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, closed 0.96 points, or 0.12 percent, higher at 835.25, rising for the fourth straight trading day.
Decliners were led by the mining, electricity and gas, and retail sectors. Gainers included the rubber products, pharmaceutical, and pulp and paper sectors.
The Nikkei erased earlier gains and turned lower late in the afternoon session amid caution over soaring crude oil prices, since the rises may result in higher energy prices and dampen consumer confidence, brokers said. In New York on Friday, crude oil futures rose for the seventh consecutive day and ended at $109.77 per barrel, while the price of the Middle Eastern oil futures contract for July rose to its highest level since April last year in Tokyo on Monday.
The key index was also prone to face selling amid signs of the market overheating, brokers said. The Nikkei ended the previous session at its highest level since Aug. 4 and had closed higher on five of the last six trading days.
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|Publication:||Japan Weekly Monitor|
|Date:||Feb 27, 2012|
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