Nikkei posts biggest loss in over one month
Sunday, 18 July 2010
TOKYO, July 17 (Reuters): Japan's Nikkei average fell nearly three per cent Friday for its worst one-day percentage loss in over a month as investors took profits before a long weekend, worried that the yen could rise further towards 15-year highs against the dollar.
Trade was thin as technicals turned increasingly bearish, with some in the market saying large-lot selling of futures by a foreign investor shortly after the open had set off position-cutting that picked up speed.
The benchmark Nikkei shed 277.17 points to 9,408.36, crashing through several support levels and posting its biggest one-day percentage fall since June 7. The broader Topix shed 1.9 percent to 840.58.
Trade was thin as technicals turned increasingly bearish, with some in the market saying large-lot selling of futures by a foreign investor shortly after the open had set off position-cutting that picked up speed.
The benchmark Nikkei shed 277.17 points to 9,408.36, crashing through several support levels and posting its biggest one-day percentage fall since June 7. The broader Topix shed 1.9 percent to 840.58.