Tokyo Nikkei falls over two pct in early afternoon
Monday August 17, 12:06 am Eastern Time
TOKYO, Aug 17 (Reuters) - Tokyo's key Nikkei average lost more than two percent
in early afternoon trade on Monday, depressed by concerns over the financial health of
Japanese banks and losses in blue-chip issues that were hurt by a fall in U.S. shares on
Friday, traders said.
At 0355 GMT, the Nikkei 225 average was down 2.54 percent or 384.42 points at
14,739.51.
Nikkei September futures fell 350 points to 14,700.
Traders said the next support point for the Nikkei average was 14,614.74, an intra-day low marked on June 16.
Shares in the banking sector remained weak amid worries that increasing corporate bankruptcies in Japan may further
hurt banks' financial health and concerns over a possible debacle in Asian markets, as many Japanese banks have
extended loans to the region, traders said.
Japan's blue-chip companies with global business operations were hurt by a slide in New York stocks on Friday, traders
said.
The Dow Jones Industrial Average was closed down 34.50 points, or 0.4 percent, at 8,425.00 on Friday.
|
