Arbitrage Selling Weakens Shares
March 31, 2011
The Nikkei 225 average lost 90.13 to 21476.29. Advancers outnumbered decliners 541 to 458, while 206 issues were unchanged. The Second Section Index climbed 5.85 to 2218.50 on volume of about 15 million shares. Analysts said trading was thin as many investors were reluctant to buy ahead of the weekend. Wall Street's recent volatility also sidelined many investors. The Dow Jones Industrial Average surged 87.30 to 5464.18 Thursday after tumbling sharply earlier in the week because of concerns over weak corporate earnings. Despite Wall Street's overnight rise, the key index fell to profit-taking. High-technology shares and other export-oriented issues declined as foreigners sold off such shares amid the weaker dollar, analysts said. Nippon Steel, the day's most-actively traded issue, shed 7 yen to 344, and NKK lost 5 yen to 303. Toyota Motor dropped 60 yen to 2,530; Bradford tumbled 19 yen to 974; and NEC lost 10 yen to 1,130.
