Tankan Still Weakens Nikkei
May 11, 2011
The Nikkei 225 average fell 156.65 to 20553.16. Decliners outnumbered advancers 804 to 222, while 169 issues were unchanged. The Second Section Index decreased 4.58 to 2105.48 on volume of nine million shares. Analysts said the market was weakened by concern that investors might shift money from stocks to bonds following the tankan. The survey suggested the economy was much weaker than previously thought, which could weaken corporate profits, observers said. Investors continued to trade in anticipation of economic data due out Friday. Figures for consumer prices, unemployment, industrial production, housing starts and construction orders all will be released. Securities stocks ended lower. Nomura Securities fell 30 yen to 1,890 and Nikko Securities declined 30 yen to 1,100. Expectations that interest rates won't be raised soon after the tankan's release hurt bank stocks. Sakura Bank lost 30 yen to 1,030, Sumitomo Bank dropped 30 yen at 1,990 and Fuji Bank was unchanged at 2,020.
VastPress 2011 Vastopolis
