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10 Dec 2014
Nikkei tanks 2%
FXStreet (Mumbai) - The Japanese equity markets tanked today as a wave of selling hit markets tracking the strength in the Japanese Yen and the overnight weakness in the US equity markets.
The Nikkei index ended the day 2.25% lower at 17,412.85 levels, while the Topix lost 2.04% to 1406.83 levels. The Nikkei index briefly fell more than 500 points due to speculative selling linked to index futures prior to Friday’s special quotation fixing to settle December index futures and options contracts, brokers said.
Among stocks, the index heavyweights like robot maker Fanuc and mobile carrier SoftBank weakened. Automakers Toyota, Mazda and Honda were hurt by the strong yen. Among Financials, megabank groups Mitsubishi UFJ and Sumitomo Mitsui and brokerage firm Nomura weakened as well.
Meanwhile, on the plus side were telecommunications carrier NTT, electronics maker Sony and insurer Dai-ichi Life. Skymark Airlines blasted higher by 17.32% after the company said it is in talks with All Nippon Airways to receive support via code-sharing agreement.
Nikkei Technical Levels
The index has an immediate resistance located at 17,520, above which gains could be extended to 17,813 levels. Meanwhile, support is seen at 17,212 and 17,100 levels.
The Nikkei index ended the day 2.25% lower at 17,412.85 levels, while the Topix lost 2.04% to 1406.83 levels. The Nikkei index briefly fell more than 500 points due to speculative selling linked to index futures prior to Friday’s special quotation fixing to settle December index futures and options contracts, brokers said.
Among stocks, the index heavyweights like robot maker Fanuc and mobile carrier SoftBank weakened. Automakers Toyota, Mazda and Honda were hurt by the strong yen. Among Financials, megabank groups Mitsubishi UFJ and Sumitomo Mitsui and brokerage firm Nomura weakened as well.
Meanwhile, on the plus side were telecommunications carrier NTT, electronics maker Sony and insurer Dai-ichi Life. Skymark Airlines blasted higher by 17.32% after the company said it is in talks with All Nippon Airways to receive support via code-sharing agreement.
Nikkei Technical Levels
The index has an immediate resistance located at 17,520, above which gains could be extended to 17,813 levels. Meanwhile, support is seen at 17,212 and 17,100 levels.