Nikkei Plunges, Oil Soars
Japanese stocks closed lower on Wednesday (July 8th), pressured by declines in the paper and pulp, transportation, and communications sectors. The Nikkei 225 index fell 1.85% at the close of trading in Tokyo.
Several stocks still recorded gains amid market pressure. Tokyo Electric Power rose 3.81% to 479.90. Mercari gained 3.39% to 4,665, hitting a three-year high. Meanwhile, Inpex rose 3.26% to 3,388, supported by rising oil prices.
However, significant pressure came from technology and materials stocks. Taiyo Yuden was one of the main drags, falling 8.50% to 14,965. Hoya fell 6.77% to 23,910, while Mitsui Mining and Smelting fell 6.12% to 33,730.
Overall, the number of declining stocks far outnumbered those advancing on the Tokyo Stock Exchange. A total of 2,217 stocks fell, 1,299 stocks rose, and 226 stocks remained unchanged. Despite the market weakness, the Nikkei volatility index actually fell 20.50% to 29.70.
In the commodity market, oil prices rose sharply. WTI for August delivery rose 3.22% to US$72.71 per barrel, while Brent for September rose 3.26% to US$76.58 per barrel. Meanwhile, August gold futures fell 0.63% to US$4,131.20 per troy ounce.
In the currency market, USD/JPY rose 0.15% to 162.22, while EUR/JPY strengthened 0.16% to 185.29. US dollar index futures also edged up 0.01% to 100.79. This movement indicates that the Japanese market remains under pressure, particularly due to rising oil prices and more cautious global sentiment. (asd)
Source: Newsmaker.id
