RTTNews - The stock market in Japan ended in negative territory on Thursday dragged down on concerns about China's policy to curb over production in the country. Traders preferred to lock in gains following recent gains and move to the sidelines ahead of key economic data in the U.S and elections during the weekend. Flat closing in Wall Street in the previous session despite positive economic data, and valuation concerns also impacted sentiment.

The benchmark Nikkei 225 Index ended at 10,474, representing a loss of 165.74 points, or 1.56%, while the broader Topix index of all first section stocks declined 11.36 points, or 1.16%, to 964.

Light sweet crude oil price for October delivery ended at $71.15 a barrel in electronic trading, down $0.28 from its previous close $71.43 a barrel in New York on Wednesday.

Trading companies declined following news that the Chinese Government is considering imposing curbs on overcapacity, especially in the steel and cement industries in the country.

Mitsubishi Corp., declined 2.13%, Mitsui & Co., lost 2.78%, Sumitomo Corp. fell 2.03%, Toyota Tsusho Corp shed 1.34% and Itochu Corp. decreased 3.08%.

Metal stocks also ended weaker. JFE Holdings slumped 3.15%, Kobe Steel fell 2.75%, Nippon Steel lost 1.85%, Sumitomo Metal Industries shed 2.88% and Pacific Metals Co. declined 1.59%.

Shipping stocks ended weaker following China's curb on production. Mitsui OSK Lines fell 2.78%, Kawasaki Kisen declined 1.24% and Nippon Yusen lost 2.44%.

Bank stocks also ended weaker on profit taking. Mitsubishi UFJ Financial shed 0.34%, Mizuho Financial fell 0.88%, Resona Holdings lost 1.40% and Sumitomo Mitsui Financial declined 1.96%.

In the U.S., stocks ended just above the unchanged line on Wednesday amid choppy trading despite largely positive economic data as traders preferred to move to the sidelines ahead of key economic data related to Q2 GDP and weekly jobless claims on Thursday. The Dow closed up by 4.23 points or 0.04% at 9,543, the Nasdaq gained 0.20 points to finish at 2024 and the S&P 500 rose by 0.12 points to 1,028.

For comments and feedback: contact editorial@rttnews.com