Nikkei snaps rising streak

Nikkei snaps rising streak
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First Published: Fri, May 16 2008. 11 44 AM IST
Updated: Fri, May 16 2008. 11 44 AM IST
Reuters
Tokyo: Japan’s Nikkei stock average snapped a four-day winning streak on Friday to close down by 0.23% as investors moved to lock in profits.
Exporters such as Canon Inc were sold on a slightly stronger yen, though the benchmark still saw its strongest week in 3 months.
Kawasaki Kisen Kaisha Ltd and other shippers buoyed the market, extending gains on continuing demand for iron ore into China that helped push the Baltic Exchange’s chief sea freight index to a record high.
The Nikkei shed 32.26 points to finish at 14,219.48 for its first losing day in five days of trade, but still managed to rise 4.1% in the week — its strongest weekly performance since mid-February. The broader Topix was up 0.2% at 1,395.87.
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First Published: Fri, May 16 2008. 11 44 AM IST
More Topics: Markets | Japan | Stocks | Nikkei | Topix |