Nikkei hits 2-month closing low on banks, exporters

Nikkei hits 2-month closing low on banks, exporters
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First Published: Fri, Jun 27 2008. 11 33 AM IST
Updated: Fri, Jun 27 2008. 11 33 AM IST
Reuters
Tokyo: Japan’s Nikkei stock average slid 2% to a two-month closing low on 27 June in its longest losing streak in seven months, with Sony Corp and other exporters battered by high oil prices, sharp Wall Street losses and growing uncertainty over the US economy.
Banks slid after Goldman Sachs warned of more write-downs in their US peers and urged investors to sell US bank and automotive shares — a move that intensified concern about the outlook for profits and sent the Dow to a 21-month low.
The benchmark Nikkei slipped to 13,544.36, its lowest close since 24 April, in its seventh straight losing session — the longest such streak since November. The broader Topix was down 1.8% at 1,320.68.
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First Published: Fri, Jun 27 2008. 11 33 AM IST
More Topics: Markets | Japan | Stocks | Nikkei | Topix |