Tuesday, March 15, 2011

JAPAN: At the Tokyo Stock Exchange, the Nikkei continues to fall

AFP - The Tokyo Stock Exchange Tuesday lived one of the worst days in its history, the Nikkei collapsing of 10.55% in a stampede of investors against a backdrop of worsening nuclear crisis in Japan.

At the close, the Nikkei 225 index of blue chips plunged by 1015.34 points to 8605.15 points, suffering, in percentage, the third largest drop since its inception more than a half century.

The broader Topix index of all securities in the first table, which covers businesses in a broader number of sectors, its share fell to 9.47%, losing 80.23 points to 766.73 points.

The activity reached a record high of 5.78 billion shares traded on the primary market, representing an activity nearly tripled compared to normal.

The Nikkei had dropped 6.18% Monday, three days after an earthquake and tsunami that devastated the north-eastern Japan, destroying or damaging infrastructure and production facilities.

On Tuesday, the index began the day sharply down and displayed in sharp decline of 6.45% in mid-session.

But it is a real wave of panic that rose on the market to resume 0330 GMT, after the government had admitted that the level of radioactivity measured at the Fukushima nuclear power was dangerous to health.

None has appeared spared.

Among the electronics giants, Panasonic collapsed 11.27% to 866 yen and Sony of 8.86% to 2,324 yen.

Automaker Toyota declined 7.40% to 3,065 yen, its rival Nissan fell 3.32% less than candid to 698 yen, as Honda was down 3.90% to 2,974 yen.

Construction firms, which had surged Monday with the prospects of major work needed to rebuild the devastated north-east by an earthquake and tsunami, fell heavily in their turn, like real estate.