Nikkei drops below 10,000 as region weakens
November 12, 2001 Posted: 10:30 PM EST (0330 GMT)
cnn.com
TOKYO, Japan -- Tokyo stocks were lower by midday Tuesday, with the Nikkei below 10,000 as airline stocks declined in the wake of the crash of an American Airlines plane in New York.
Banks and techs were also weaker, with banking giant Mizuho Holdings touching a record low.
The benchmark Nikkei 225 average was down 1.17 percent or 118.36 points at 9963.20 after hitting a morning high of 10,057. The broader, capital-weighted TOPIX index lost 1.32 percent or 13.5 points to 1007.61.
Japan Airlines (JAL) fell 2.7 percent to 289 yen, while merger partner Japan Air System (JAS) lost 2.67 percent to 3,650 yen and their domestic rival All Nippon Airways slipped 2.25 percent to 304 yen.
JAL and JAS said after the market closed on Monday they had agreed to integrate operations under a holding company in September 2002. the as gains by Japan Airlines and Asahi Bank offset economic weakness and corporate earnings worries.
Other regional carriers, including Qantas, Singapore Airlines, Korea Air Lines and Asiana, were also weaker. |
