TOKYO (Dow Jones)--Tokyo stocks fell to their lowest closing mark in five weeks on Thursday, as futures-led selling ahead of the quarterly contract rollover spurred profit-taking in the cash market, where KDDI and real estate shares such as Mitsui Fudosan fell particularly sharply.
The Nikkei Stock Average lost 155.12 points, or 1.5%, to 10,434.38, its lowest closing mark since Feb. 3. The sell-off followed Wednesday's 0.6% rise.
The Topix index of all Tokyo Stock Exchange First Section issues also slipped 13.45 points, or 1.4%, to 930.84, as all 33 Topix subindexes closed in negative territory.
Volume levels were not especially high considering the volatility, however, totaling about 1.95 billion shares.
The broader indexes were weaker from the start, with mounting tensions in Libya and declines in overnight U.S. and European bourses pressuring the market after the Nikkei had enjoyed two consecutive days of modest gains. Those gains, however, due largely to separate corporate M&A actions that inspired investor confidence, left the market vulnerable to a correction as attention returned to turmoil in the Middle East and North Africa, said Hiroaki Osakabe, fund manager at Chibagin Asset Management.
Even so, the market was not devoid of M&A talk as local media reported that the Osaka Securities Exchange will begin talks on integrating operations with Tokyo Stock Exchange Group Inc.
"Japanese bourses have been losing their standing in Asia. If the integration talks move forward, that would lead to a restoration of their status," said Hideyuki Ishiguro, investment strategy supervisor at Okasan Securities. For its part, the TSE said Thursday no decision has been made about integrating operations with the OSE.
Jasdaq-traded OSE shares closed up 6.9% at Y460,000 on heavy volume, while shares of Osaka Securities Finance, which provides securities-related financing services, including loans for margin transactions, ended up 3.4% at Y181.
The unloading of futures positions ahead of Friday's quarterly futures and monthly options settlements was also a general sell catalyst, while midday China trade deficit data for February, which came in at $6.45 billion against a surplus consensus forecast of $3.9 billion, helped exacerbate bearishness in the afternoon session.
March Nikkei 225 futures closed down 160 points, or 1.5%, at 10,440 on the Osaka Securities Exchange.
Among individual shares, KDDI dropped 2.7% at Y540,000 after yesterday's 3.0% rise, while Fanuc also fell 2.7% to Y12,530, defying a Nikkei report that the firm plans to double its capacity for making industrial robots to 5,000 units a month by the year-end.
Real estate shares were some of the worst performers, as Mitsui Fudosan lost 4.1% at Y1,611 and Mitsubishi Estate closed down 3.2% at Y1,634.
Heavily China-exposed construction machinery maker Komatsu lost 2.3% at Y2,560.
The Nikkei Stock Average lost 155.12 points, or 1.5%, to 10,434.38, its lowest closing mark since Feb. 3. The sell-off followed Wednesday's 0.6% rise.
The Topix index of all Tokyo Stock Exchange First Section issues also slipped 13.45 points, or 1.4%, to 930.84, as all 33 Topix subindexes closed in negative territory.
Volume levels were not especially high considering the volatility, however, totaling about 1.95 billion shares.
The broader indexes were weaker from the start, with mounting tensions in Libya and declines in overnight U.S. and European bourses pressuring the market after the Nikkei had enjoyed two consecutive days of modest gains. Those gains, however, due largely to separate corporate M&A actions that inspired investor confidence, left the market vulnerable to a correction as attention returned to turmoil in the Middle East and North Africa, said Hiroaki Osakabe, fund manager at Chibagin Asset Management.
Even so, the market was not devoid of M&A talk as local media reported that the Osaka Securities Exchange will begin talks on integrating operations with Tokyo Stock Exchange Group Inc.
"Japanese bourses have been losing their standing in Asia. If the integration talks move forward, that would lead to a restoration of their status," said Hideyuki Ishiguro, investment strategy supervisor at Okasan Securities. For its part, the TSE said Thursday no decision has been made about integrating operations with the OSE.
Jasdaq-traded OSE shares closed up 6.9% at Y460,000 on heavy volume, while shares of Osaka Securities Finance, which provides securities-related financing services, including loans for margin transactions, ended up 3.4% at Y181.
The unloading of futures positions ahead of Friday's quarterly futures and monthly options settlements was also a general sell catalyst, while midday China trade deficit data for February, which came in at $6.45 billion against a surplus consensus forecast of $3.9 billion, helped exacerbate bearishness in the afternoon session.
March Nikkei 225 futures closed down 160 points, or 1.5%, at 10,440 on the Osaka Securities Exchange.
Among individual shares, KDDI dropped 2.7% at Y540,000 after yesterday's 3.0% rise, while Fanuc also fell 2.7% to Y12,530, defying a Nikkei report that the firm plans to double its capacity for making industrial robots to 5,000 units a month by the year-end.
Real estate shares were some of the worst performers, as Mitsui Fudosan lost 4.1% at Y1,611 and Mitsubishi Estate closed down 3.2% at Y1,634.
Heavily China-exposed construction machinery maker Komatsu lost 2.3% at Y2,560.
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