Tokyo Shares Slump As Oil Surges On Ukraine Crisis
Tokyo stocks slumped Tuesday as surging oil prices and the Russia-Ukraine crisis continued to drag down global markets.
The benchmark Nikkei 225 index dropped 1.71 percent, or 430.46 points, to 24,790.95, while the broader Topix index gave up 1.90 percent, or 34.17 points, to 1,759.86.
The dollar fetched 115.52 yen, up from 115.27 yen in New York Monday.
The Tokyo market opened in negative territory, tracking falls on Wall Street, although bargain-hunters temporarily lifted the Nikkei above water by mid-morning.
But Russia’s intensifying assault on Ukraine continued to weigh on the market, with many investors already jittery about taking risks as they braced for possible further losses on Wall Street later in the day.
“Particularly in the afternoon session, investors increased their wariness about rising oil prices, and the Nikkei again extended its losses,” Okasan Online Securities said.
“Near the closing bell, the index was hovering near the intra-day low,” the brokerage added.
All sectors of the Tokyo market faced selling pressure but energy-related issues were among the hardest hit, as were steel, maritime shipping and finance related stocks.
Energy firm INPEC gave up 6.09 percent to 1,341 yen. Nippon Steel fell 6.54 percent to 1,972.5 yen.
SoftBank Group plunged 4.95 percent to 4,474 yen and construction equipment maker Komatsu fell 3.67 percent to 2,545.5 yen.
Toyota accelerated its losses in the afternoon, ending down 1.84 percent to 1,811 yen. Rival automaker Nissan gave up 5.51 percent to 438.8 yen.
Nintendo surrendered earlier gains and fell 1.42 percent to 56,410 yen, but Sony managed to stay above water and ended up 0.36 percent at 11,150 yen.