LOS ANGELES: Shocking move in forex market affected on Japanese stocks on Friday morning, with the Nikkei Stock Average NIK, down 2.1% (erasing the previous day’s 1.9% rally) and the broader Topix lowered by 1.8% in the early minutes.
Switzerland threw the currency markets into chaos by unexpectedly scrapping its franc’s peg to the euro, resulting in investors piling into the yen and unwiding yen-based carry trades. Thursday saw the euro EURYEN plunge 2.4% against the yen to ¥135.14, according to Factset, while the dollar USDJPY, +0.22% was down 1.2% for the day to ¥116.11 after trading around ¥117.77 at the previous Tokyo stock close. The most obvious casualties among Japan’s equities were the blue-chip exporters, including Sony Corp. 6758, -4.76% SNE, +1.11% (down 4.1%), Nikon Corp. 7731, -2.75% NINOF, -3.85% (down 2.9%), Kyocera Corp. 6971, -3.35% KYOCF, -3.09% (down 3.4%), Nissan Motor Co. 7201, -0.91% NSANY, +0.00% (down 2.5%) and Subaru maker Fuji Heavy Industries Ltd. 7270, -2.02% FUJHF, +0.34% (down 2.9%). Even many of the names which would benefit from a stronger yen saw little in the way of gains, with Nissin Foods Holdings Co. 2897, +0.16% down 0.2%, McDonald’s Holdings Co. Japan 2702, -0.32% down 0.8%, and Tokyo Electric Power Co. 9501, -1.87% TKECF, +0.00% down 1%. Among the few advancers, Skymark Airlines Inc. 9204, -2.20% added 0.8%, helped by a fresh plunge in oil prices and a rebound from its losses Thursday on a report that a planned tie-up with larger rival ANA Holdings Inc. 9202, -1.59% ALNPF, +1.36% had been called off. (Shares of ANA fell 2.1%.) Also, shares of Amada Co. 6113, +1.38% rallied 2.2% after the machine-tool company posted an almost tripling of its nine-month operating profit.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
