Japan’s stocks slip on oil drop

Japan’s stocks slip on oil drop
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First Published: Tue, Apr 10 2007. 05 53 AM IST
Updated: Tue, Apr 10 2007. 05 53 AM IST
By Patrick Rial/Bloomberg
Tokyo: Japanese stocks declined, paced by trading companies such as Mitsubishi Corp., after the price of oil slid the most in four months.
“We may see some bearish sentiment toward the trading companies as a result of the drop in oil,” said Juichi Wako, a strategist at Nomura Securities Co. in Tokyo. “It won’t be easy for stocks to climb today.”
Steelmakers gained, led JFE Holdings Inc., after Baoshan Iron & Steel Co., China’s largest maker of the alloy, said it expects first-quarter profit to more than double.
The Nikkei 225 Stock Average slid 92.88, or 0.5%, to 17,650.88 as of 9:11 am on 10 April in Tokyo. The broader Topix index fell 7.65, or 0.4%, to 1,730.45.
Nikkei futures expiring in June lost 0.5% to 17,680 in Osaka and dropped 0.5% to 17,675 in Singapore.
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First Published: Tue, Apr 10 2007. 05 53 AM IST
More Topics: International News | Asia |