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14 Jan 2015
Nikkei hit by bearish sentiment on Wall Street
FXStreet (Mumbai) - The Japanese stock markets declined today, taking cues from the overnight weakness in the US equity markets and strength in the Japanese Yen.
The Nikkei index declined 1.71% or 291.75 points to 16,795.96 levels, compared to the previous session’s close at 17,0871.71 levels. The stocks started on a weak note due to plunging commodity prices and volatile movements in Dow Jones.
Among stocks, Non ferrous metal producers Sumitomo Metal Mining and Mitsubishi Materials declined after Copper prices in London hit a five-year low. Oil distributors JX Holdings and Showa Shell Sekiyu also weakened. Other major losers included automaker Toyota, tech firm Kyocera and industrial robot maker Fanuc. Meanwhile, on the plus side were land transportation firms and airline stocks.
The index may open lower tomorrow as falling commodity prices and weak global growth forecast from the World Bank is likely to push US stocks lower. Falling bond yields in the US also remain supportive for Yen, which would further add to bearish pressure on stocks.
Nikkei Technical Levels
The immediate support is seen at 16,714 (Dec. 16th low), under which the index could test 16,533 (Oct. 31st high) level. Meanwhile, resistance is seen at 16,907 and 17,127 levels.
The Nikkei index declined 1.71% or 291.75 points to 16,795.96 levels, compared to the previous session’s close at 17,0871.71 levels. The stocks started on a weak note due to plunging commodity prices and volatile movements in Dow Jones.
Among stocks, Non ferrous metal producers Sumitomo Metal Mining and Mitsubishi Materials declined after Copper prices in London hit a five-year low. Oil distributors JX Holdings and Showa Shell Sekiyu also weakened. Other major losers included automaker Toyota, tech firm Kyocera and industrial robot maker Fanuc. Meanwhile, on the plus side were land transportation firms and airline stocks.
The index may open lower tomorrow as falling commodity prices and weak global growth forecast from the World Bank is likely to push US stocks lower. Falling bond yields in the US also remain supportive for Yen, which would further add to bearish pressure on stocks.
Nikkei Technical Levels
The immediate support is seen at 16,714 (Dec. 16th low), under which the index could test 16,533 (Oct. 31st high) level. Meanwhile, resistance is seen at 16,907 and 17,127 levels.