RTTNews - Japan stocks are expected to rebound at Tuesday's open, following Wall Street's strong overnight lead. U.S. markets moved higher on the backs of the financial sector, after an upgrade of Goldman Sachs by analyst Meredeth Whitney.
Japan's market declined for the ninth straight session on Monday, falling to an eight-week low. The market was dragged down by ongoing concerns about a U.S. economic recovery.
Lower commodity prices also hurt the resources stocks.
The benchmark Nikkei 225 Average dropped 236.95 points or 2.55 percent to finish at 9,050.33.
Of the Nikkei component stocks, there were 10 closing higher, 213 lower and 2 were unchanged.
The broader Topix Index was down 20.08 points or 2.3 percent at 852.42.
Among resources stocks, Sumitomo Metal Industries fell 9 yen or 3.98 percent, Mitsui Chemicals was down 6 yen or 2.13 percent, Mitsubishi Materials fell 11 yen or 4.40 percent, oil explorer/producer Inpex dropped 17,000 yen or 2.46 percent and Nippon Oil was down 5 yen or 1.03 percent.
In the electronics sector, Sony fell 65 yen or 2.92 percent, Sharp Corp was down 33 yen or 3.69 percent, Fuji Electric sank 14 yen or 10.22 percent, Sanyo Electric was down 14 yen or 6.60 percent, Pioneer Corp declined 38 yen or 15.7 percent and Canon was down 25 yen or 0.85 percent.
In the banking sector, Mitsubishi UFJ was down 13 yen or 2.38 percent, Mizuho Financial was down 9 yen or 4.46 percent, Resona Holdings was down 38 yen or 2.92 percent and Sumitomo Mitsui fell 40 yen or 1.13 percent.
Elsewhere, All Nippon Airways declined 9 yen or 3.25 percent on heavy volume of 87 million shares, car maker Honda managed a gain of 15 yen or 0.64 percent and Nomura Holdings was down 42 yen or 5.92 percent.
In overseas trading, Wall Street rebounded on Monday, after an analyst's upgrade for Goldman Sachs sent the financial sector higher.
At the close of trading, the Dow Jones Industrial Average was up 185.16 points or 2.27 percent at 8,331.68, the Nasdaq Composite index was higher by 37.18 points or 2.12 percent at 1,793.21 and the Standard & Poor's 500 was p 21.92 points or 2.49 percent at 901.05.
Markets in the Asia/Pacific region closed broadly lower on Monday.
Hong Kong's Hang Seng index fell 453.79 points or 2.56 percent to 17,254.63.
The Shanghai Composite Index in China declined 33.38 points or 1.07 percent to 3,080.56.
The BSE 30 index in India was down 103.90 points or 0.77 percent at 13,400.32.
Indonesia's Jakarta Composite index dropped 42.96 points or 2.08 percent to 2,020.14.
In South Korea, the KOSPI/Seoul Composite index was down 50.50 points or 3.53 percent at 1,378.12.
The Taiwan Weighted Index declined 239.04 points or 3.53 percent to 6,530.82.
On the economic news calendar, the Bank of Japan kicks off its monetary policy meeting on Tuesday. Analysts are expecting the central bank to keep rates on hold at the current 0.10 percent when the meeting concludes on Wednesday. Japan also will announce Tokyo condominium sales figures for June after posting a 19.4 percent annual decline in May.
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