Japanese stocks fluctuated, as commodity-related shares declined, while banks extended gains to a fourth day.
Mitsui & Co., Japan’s No. 2 trading house by market value, declined 0.8 percent after crude oil and metal prices declined yesterday. Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, rose 0.7 percent. Panasonic Corp., the world’s biggest maker of plasma televisions, jumped 4.4 percent after saying it withdrew its registration for a new share sale worth as much as 500 billion yen.
Mitsui & Co., Japan’s No. 2 trading house by market value, declined 0.8 percent after crude oil and metal prices declined yesterday. Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, rose 0.7 percent. Panasonic Corp., the world’s biggest maker of plasma televisions, jumped 4.4 percent after saying it withdrew its registration for a new share sale worth as much as 500 billion yen.
Nikkei 225 Stock Average slid 0.2 percent to 9,666.67 as of 9:37 a.m. in Tokyo. The boarder Topix index rose 0.1 percent to 846.73, with about seven shares climbing for every six that declined. The Nikkei is set for a 2.8 percent gain this week and the Topix is headed for a 2.1 percent advance. The both indexes are on course for the first weekly rally in three weeks.
The Topix has dropped 15 percent from its high this year on April 15 as Europe’s debt crisis, China’s steps to curb property prices and concern about the pace of U.S. economic growth weakened confidence in a global recovery. Stocks in the index trade at 15.1 times estimated earnings on average, compared with 13.8 times for the Standard & Poor’s 500 and 12.1 times for the Stoxx Europe 600 Index.
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