AGL 6.80 Increased By ▲ 0.08 (1.19%)
ANL 9.22 Decreased By ▼ -0.53 (-5.44%)
AVN 74.20 Decreased By ▼ -1.30 (-1.72%)
BOP 5.43 Decreased By ▼ -0.01 (-0.18%)
CNERGY 4.89 Decreased By ▼ -0.06 (-1.21%)
EFERT 78.00 Decreased By ▼ -0.05 (-0.06%)
EPCL 54.70 Decreased By ▼ -0.70 (-1.26%)
FCCL 14.93 Decreased By ▼ -0.37 (-2.42%)
FFL 6.34 Decreased By ▼ -0.14 (-2.16%)
FLYNG 7.12 Decreased By ▼ -0.03 (-0.42%)
GGGL 10.56 Increased By ▲ 0.01 (0.09%)
GGL 16.43 Decreased By ▼ -0.12 (-0.73%)
GTECH 8.21 Decreased By ▼ -0.21 (-2.49%)
HUMNL 6.35 Decreased By ▼ -0.06 (-0.94%)
KEL 2.95 Decreased By ▼ -0.04 (-1.34%)
LOTCHEM 28.60 Decreased By ▼ -0.25 (-0.87%)
MLCF 27.80 Decreased By ▼ -0.50 (-1.77%)
OGDC 75.30 Decreased By ▼ -0.20 (-0.26%)
PAEL 15.80 Increased By ▲ 0.26 (1.67%)
PIBTL 5.60 Increased By ▲ 0.24 (4.48%)
PRL 17.22 Decreased By ▼ -0.10 (-0.58%)
SILK 1.06 Increased By ▲ 0.01 (0.95%)
TELE 10.30 Decreased By ▼ -0.20 (-1.9%)
TPL 8.00 No Change ▼ 0.00 (0%)
TPLP 20.80 No Change ▼ 0.00 (0%)
TREET 22.60 Decreased By ▼ -0.40 (-1.74%)
TRG 128.85 Increased By ▲ 6.15 (5.01%)
UNITY 22.50 Decreased By ▼ -0.08 (-0.35%)
WAVES 12.00 Increased By ▲ 0.70 (6.19%)
WTL 1.13 Decreased By ▼ -0.01 (-0.88%)
BR100 4,100 Decreased By -4 (-0.1%)
BR30 15,533 Increased By 64.6 (0.42%)
KSE100 41,129 Increased By 114.8 (0.28%)
KSE30 15,337 Increased By 24.6 (0.16%)
Follow us

TOKYO: Japan’s Nikkei fell the most in six months on Thursday, as investors sold expensive growth stocks after hawkish U.S. Federal Reserve meeting minutes sparked a sell-off on Wall Street last night.

The Nikkei share average closed 2.88% lower at 28,487.87, posting its biggest drop since June. The broader Topix fell 2.07% to 1,997.01.

The Mothers Index of start-up firms lost 4.9% to a 19-month low, losing almost 11% in the first three sessions of 2022.

U.S. stocks fell sharply overnight, with the Nasdaq down more than 3% in its biggest drop since February, after minutes of the Fed’s last meeting signalled the central bank may raise interest rates sooner than expected.

“The Nikkei extended losses because U.S. futures fell (in Asian trading hours). Investors feared the U.S. market would fall further this evening,” said Kazuharu Konishi, head of equities at Mitsubishi UFJ Kokusai Asset Management.

“Investors appeared to be almost dumping small stocks. It looks like not only individuals but also institutions are shifting their money to large, liquid and cheap stocks from smaller shares with higher valuations.”

Toyota Motor gave up early gains to close down 0.3%, while Sony Group tumbled 6.9% after Wednesday’s near 4% gain.

Uniqlo clothing shop owner Fast Retailing lost 4.9% after its December sales for existing stores fell 11.1%.

Medical equipment maker Terumo tumbled 9% after Mizuho Securities cut its target price, while medical services platform M3 tanked 6.7%.

Insurers inched up 0.4% on prospects that higher interest rates could help boost their earnings, while banks were almost flat, with Shinsei Bank rising 3.3% to become the top gainer on the Nikkei.

Japan’s benchmark 10-year government bond yields hit a nine-month high, tracking elevated U.S. yields.

Comments

Comments are closed.