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Monday November 20, 10:58 AMNikkei falls below 16,000 in morning amid lack of buying incentives(Kyodo) _ Japan's key Nikkei stock index fell below the 16,000 mark for the first time in one week Monday morning as the sagging market and lack of fresh buying incentives prompted investors to step up sales for quick profits.The 225-issue Nikkei Stock Average lost 214.95 points, or 1.34 percent, in the morning to 15,876.78. The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange was down 26.94 points, or 1.71 percent, to 1,546.60. Stocks were also under pressure from sales of Nikkei-225 futures contracts, brokers said. "The market is losing enthusiasm with stagnant markets for startups and tends to be led by movement in the futures market," said Hiroichi Nishi, equities chief at Nikko Cordial Securities Inc. Sell orders placed by foreign brokerages before the opening topped buy orders for the fifth straight trading day, brokers said. Brokerage houses led the decline, down 3.39 percent as a whole, on concerns over possible declines in their commission fees with recently sluggish stock trading. Nomura Holdings, Japan's largest securities firm, slid 64 yen to 1,860 yen, while Daiwa Securities Group lost 47 yen to 1,216 yen. Nikko Cordial fell 41 yen to 1,314 yen. Warehousing issues also dropped. The mining sector tumbled on falling crude oil prices. The major gainers were insurance, pharmaceutical and fishery stocks. On the First Section, declining issues outnumbered advancing ones 1,488 to 170, with 44 shares ending the morning unchanged. Mizuho Financial Group was the most heavily traded issue by value, falling 26,000 yen to 823,000 yen. Isuzu Motors was the morning's volume leader, up 11 yen to 504 yen. Trading volume on the main section increased to 865.28 million shares from Friday morning's 790.87 million shares. The TSE's Second Section index fell 69.76 points, or 1.73 percent, to 3,962.27 on a volume of 42.29 million shares. On the Osaka Securities Exchange, the near-term December Nikkei 225 index futures contract fell 200 points to 15,870. |
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