Nikkei Briefly Gives Up More Than 700 Points

   Tokyo, Aug. 19 (Jiji Press)--Japan's benchmark Nikkei 225 stock average ended in negative territory Monday for the first time in six sessions, temporarily giving up over 700 points following its recent rallies and in response to a strengthening of the yen.
   The Nikkei average finished at 37,388.62, down 674.05 points, or 1.77 pct, from Friday. The broader TOPIX index was down 37.46 points, or 1.40 pct, at 2,641.14, also posting the first drop in six trading days.
   The Tokyo stock market succumbed to profit-taking after the Nikkei gained more than 3,200 points in the five-day uptrend through Friday, with a wide range of issues, including semiconductor-related names, falling prey to selling. The Nikkei spent the majority of Monday's session in negative territory.
   Selling was further spurred by the yen's appreciation against the dollar, which led to the Nikkei losing over 700 points briefly in late trading. Investors rushed to sell the stocks of export-oriented companies, out of concerns that the stronger yen would weigh on their earnings.
   "There is speculation that U.S. employment data may be revised down," an official at a midsize securities firm said, citing the reason for the yen's rise and the decline of the Tokyo stock market.

(2024/08/19-16:04)

To read a full story, please click here to find out how to subscribe.