Yes a bit of global weakness today, I'm sure Bizarro Luc will have his
monkey ready to spank the buy button today. -g-
Substantive news Edit:
March 18, 1999
Tokyo Stocks Drop 3.4%
As Profit-Taking Sets In
An INTERACTIVE JOURNAL News Roundup
Tokyo stocks plunged 3.4% Thursday as Japanese investor sold shares in
order to lock in profits after the market recorded three days of solid gains.
Over the previous three sessions, Japan's blue-chip average had gained
nearly 780 points, including Wednesday's 195.29-point gain.
Despite the steep drop Thursday, traders were quick to point out that the
Nikkei 225 average has climbed more than 2000 points since early this
month. They added that foreign investors were still buying shares and said
that such buying from abroad is likely to support the market near current
levels until the fiscal close on March 31.
"The market has shot up so sharply that it is only natural for there to be
some selling at this point," said Sachio Ishikawa, general manager of stock
trading at Chuo Securities.
Elsewhere in Asia, profit-taking also took hold in South Korea, as Seoul's
main index tumbled 3.6%, and Hong Kong, where stocks lost 2.6%.
The Korea Composite Stock Price Index had risen 6% for four
consecutive trading sessions from last Thursday through Tuesday on
climbing U.S. stock prices and the yen's gains versus the dollar, while
Hong Kong's blue-chip Hang Seng Index had rallied 18% over the past
month.
Australian shares tracked Wednesday's slip
on Wall Street. On Wednesday, the Dow
Jones Industrial Average shed 51.06 to
9879.41. |
