Nikkei slides 3.3 pct as Ukraine, China anxiety sees biggest weekly drop in 9 months

15-Mar-2014 Intellasia | Reuters | 6:00 AM Print This Post

Japanese stocks tumbled 3.3 percent to a one-month low on Friday, suffering their biggest weekly drop in nine months as concerns over Ukraine and slowing growth in China hurt risk-appetite and drove a safety-bid towards the yen.

The Nikkei share average ended 488.32 points lower at 14,327.66, the weakest closing point since February 14. For the week, the index dropped 6.2 percent, the biggest weekly drop since last June.

Nikkei futures and options contracts expiring in March settled at 14,429.87, said the Osaka Securities Exchange after the market closed.

Traders said investors remained risk-averse amid the backdrop of troubles in Ukraine and soft data in China, with exporters faltering after the dollar gave up about 0.2 percent on Friday at 101.70 yen, moving close to a more than one-week trough of 101.54 yen hit on Thursday.

The Topix dropped 3.2 percent to 1,164.70, with all of its 33 subsectors in negative territory.

The JPX-Nikkei Index 400, a gauge comprising firms with high return on equity and strong corporate governance, dropped 3.2 percent to 10,537.14. percent-062939667.html


Category: FinanceAsia

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