Tokyo Stocks Close at 20-Year Low
By NATALIE OBIKO PEARSON 03/07/2003 03:04:39 EST
Tokyo stocks closed at a nearly 20-year low on Friday, as investors apprehensive about a potential war in Iraq sold off a broad range of shares. The U.S. dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average finished the session down 225.03 points, or 2.69 percent, at 8,144.12 points - its lowest level since closing at 8,111.83 points on March 15, 1983.
On Thursday, the index shed 103.47 points, or 1.22 percent, to close at 8,369.15.
The U.S. dollar was trading at 117.35 yen on the Tokyo foreign exchange market at 3 p.m. (1 a.m. EST), down 0.05 yen from late Thursday in Tokyo and also slightly below its late New York level of 117.36 yen.
Tokyo traders listened in Friday to U.S. President George W. Bush's news conference, in which he said the U.N. Security Council was "days away" from resolving the Iraq issue.
"The Tokyo market was certainly focusing on Bush's conference," which heightened existing fears of a U.S.-led war in Iraq, said Norihito Fujito, senior investment strategist at Mitsubishi Securities. "Following overnight losses in New York ... the market faced great downside pressure."
Futures down: Dow May Open Down -100 points in morning after another Bush speech to the nation.
Hold on to your Hats!!!!!! and your money!!!
Peter. |
