Nikkei Plunges 3.74%, Japanese Stocks Pressured by Widespread Selling
Japanese stocks closed sharply lower on Monday (June 8), with the Nikkei 225 index falling 3.74% in Tokyo. The pressure came after stocks in the Paper & Pulp, Transportation, and Communications sectors became the main market drags. This decline reflects increasing selling amidst still-fragile global sentiment.
Among stocks that continued to gain ground, Toho Co. was one of the mainstays, rising 6.80% to 1,280.50. Meanwhile, Sumitomo Dainippon Pharma rose 5.39% to 1,514.50, and Tokio Marine Holdings gained 3.37% to 7,232.00. The gains for these stocks were not strong enough to withstand the significant pressure on the main index.
The stocks with the deepest declines were led by SUMCO Corp. which plunged 12.84% to 3,522.00. Pressure also affected Murata Manufacturing, which fell 10.15% to 8,711.00, and Socionext Inc., which fell 10.05% to 2,456.00. Overall, declining stocks far outnumbered advancing ones, with 2,700 stocks declining, 909 stocks rising, and 168 unchanged.
In the commodity market, oil prices surged sharply. Crude oil for July delivery rose 4.59% to US$94.70 per barrel, while Brent oil for August delivery strengthened 4.95% to US$97.70 per barrel. Meanwhile, the August gold contract weakened 0.95% to US$4,323.84 per troy ounce, indicating that the market remains selective amid global uncertainty.
Meanwhile, the USD/JPY pair fell slightly by 0.05% to 160.24, and the EUR/JPY pair weakened by 0.07% to 184.57. The US Dollar Index Futures also fell 0.21% to 99.85. Looking ahead, investors will be closely monitoring the direction of oil prices, the yen's movements, and global sentiment to determine whether pressure on the Japanese stock market persists or begins to ease in the coming sessions. (asd)
Source: Newsmaker.id
