Japanese Stocks Decline for a Third Day, Led by Metal Companies
Bloomberg, (19/8) -- Japanese stocks fell for a third day amid low volume as producers of zinc, aluminum and copper declined. Oil and coal companies climbed.
Sumitomo Metal Mining Co., which mines copper and zinc, slid 2 percent. JX Holdings Inc. advanced 2.7 percent after the refiner’s rating was raised at Mitsubishi UFJ Morgan Stanley Securities Co. Honda Motor Co., Japan’s second-largest carmaker by market value, fell 0.9 percent as the nation’s exports missed estimates.
The Topix index declined 0.3 percent to 1,139.30 as of 10:07 a.m. in Tokyo, having earlier gained as much as 0.2 percent. Volume was 47 percent below the 30 intraday average. The Nikkei 225 Stock Average slipped 0.3 percent to 13,611.95.
“The market lacks big influential factors with low volume, and it’s hard to get a sense of direction,” said Takahiro Nakano, a Tokyo-based senior strategist at Mizuho Trust & Banking Co., a unit of Japan’s third-largest bank by market value. “The trade data didn’t have much of an impact.”
Japan’s exports rose 12.2 percent in July from a year earlier, data showed today, less than the 12.8 percent estimated by economists. Imports increased 19.6 percent.
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Sumitomo Metal Mining Co., which mines copper and zinc, slid 2 percent. JX Holdings Inc. advanced 2.7 percent after the refiner’s rating was raised at Mitsubishi UFJ Morgan Stanley Securities Co. Honda Motor Co., Japan’s second-largest carmaker by market value, fell 0.9 percent as the nation’s exports missed estimates.
The Topix index declined 0.3 percent to 1,139.30 as of 10:07 a.m. in Tokyo, having earlier gained as much as 0.2 percent. Volume was 47 percent below the 30 intraday average. The Nikkei 225 Stock Average slipped 0.3 percent to 13,611.95.
“The market lacks big influential factors with low volume, and it’s hard to get a sense of direction,” said Takahiro Nakano, a Tokyo-based senior strategist at Mizuho Trust & Banking Co., a unit of Japan’s third-largest bank by market value. “The trade data didn’t have much of an impact.”
Japan’s exports rose 12.2 percent in July from a year earlier, data showed today, less than the 12.8 percent estimated by economists. Imports increased 19.6 percent.
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