RTTNews - The stock market in Japan ended in the negative territory on Monday as traders preferred to adopt a wait-and-watch approach looking for cues after disappointing jobs report from the U.S that dented hopes of economic recovery. Weak trading in Asian markets, and thin volumes characterized trading as the traders await the formal kick-off to the earnings season later in the week.
The U.S market was closed for holiday on Friday after drifting down sharply on Thursday following weak jobs report. On thursday, the Dow closed down by 223.32 points or 2.6% at 8,281, the Nasdaq fell by 49.20 points or 2.7% to 1,797, and the S&P 500 closed down 26.91 points or 2.9% at 896.
The Nikkei 225 Average opened sharply lower at 9,738 compared to its previous close of 9,816, and continued to drift in the negative territory on concerns about the global recovery. Softer metal and oil prices as well as thin volumes following wait-and-watch approach of the investors helped the index linger in the negative territory for the whole day. The index ended at 9,681 representing a loss of 135.20 points, or 1.38%. The broader Topix Index of all first section issues shed 8.20 points, or 0.89% percent, and closed at 912.
Light sweet crude oil price for August delivery shed $2.55 a barrel and ended at $64.18 in Asian trading after having ended Thursday's session in New York at $66.73 amid concerns about global recovery.
Banks and metal stocks dragged the indices lower. Among the banks, Mitsubishi UFJ slipped 0.67%, Mizuho Financial edged down 0.44%, Resona Holdings fell 0.44% and Sumitomo Mitsui lost 0.77%.
Among metal stocks, Pacific Metals Co., lost 5.19%, Nippon Light Metal Co., fell 3.81%, and Sumitomo Metal Mining declined 3.24%.
Shipping stocks ended weaker following drop in shipping rates. Mitsui O.S.K declined 4.38% , Nippon Yuesen fell 3.41% and Kawasaki Kisen lost 2.34%.
Retail stocks also ended weaker on demand concerns. Seven & I dropped 1.83%, Fast Retailing Co., fell 3.06% and department store operator Isetan Mitsukoshi Holdings Ltd. Edged down 0.95%.
Oil and trading companies also ended weaker. Inpex declined 2.99%, Nippon Oil Corp fell 2.82% and Showa Shell lost 3.13%.
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