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Oil Surge, Tensions Sink Japanese Stocks
12 Mar
Summary
- Nikkei 225 fell 1.04% amid global oil price hikes.
- Real estate stocks were the worst performers today.
- Kyoto Financial Group shares surged on increased outlook.
Japanese stocks concluded Thursday's trading session with a notable decline, as escalating global oil prices and persistent geopolitical concerns dampened investor confidence. The benchmark Nikkei 225 index registered a decrease of 1.04 percent, settling at 54,452.96. This downturn followed an earlier dip of as much as 2.2 percent during the session.
The broader TOPIX also mirrored this negative sentiment, falling by 1.32 percent to end at 3,649.85. Most industry sub-indexes on the Tokyo Stock Exchange reported losses, with real estate stocks suffering the most significant setbacks. Conversely, mining shares saw gains, buoyed by elevated commodity prices.
While technology stocks like Advantest, SoftBank Group, and Tokyo Electron posted losses, a few companies defied the market's downward trend. Kyoto Financial Group experienced a substantial surge after it raised its annual profit forecast. Additionally, heavy machinery manufacturers Mitsubishi Heavy Industries and Kawasaki Heavy Industries demonstrated positive movement, advancing over 3 percent.
