JAPAN/SOUTH KOREA: Tokyo's Nikkei falls on weak U.S. economic data and deadlock in talks to raise U.S. debt ceiling, and Seoul shares open lower dragged down by U.S. and Asiana Airlines crash

Record ID: 465028

  • Title: JAPAN/SOUTH KOREA: Tokyo's Nikkei falls on weak U.S. economic data and deadlock in talks to raise U.S. debt ceiling, and Seoul shares open lower dragged down by U.S. and Asiana Airlines crash
  • Date: 29th July 2011
  • Summary: TOKYO, JAPAN (JULY 28, 2011) (REUTERS) TOKYO STOCK EXCHANGE (TSE) BUILDING "TOKYO STOCK EXCHANGE" SIGN TSE TRADING FLOOR ELECTRONIC STOCK BOARD ELECTRONIC STOCK BOARD SHOWING NIKKEI 225 INDEX AT 9935.79 DOWN 111.40 TSE TRADING FLOOR VARIOUS OF TSE STAFF MONITORING TRADES MORE OF TSE TRADING FLOOR VARIOUS OF DEALERS WORKING AT TOKYO FOREX UEDA HARLOW MONITOR SHOWING YEN-DOLLAR EXCHANGE RATE AT 77.90 MORE OF FOREX TRADERS WORKING MORE OF THE TRADING ROOM TRADER WORKING BEHIND JAPANESE AND U.S. FLAGS SEOUL, SOUTH KOREA (JULY 28, 2011) (REUTERS) ELECTRIC BULLETIN AND KOREA EXCHANGE KOSPI INDEX VARIOUS OF INDEX ON BULLETIN VARIOUS OF WOMAN CHECKING COMPUTER MONITOR VARIOUS OF INDEX COMPUTER MONITOR AND BULLETIN ELECTRONIC STOCK BOARD
  • Embargoed: 13th August 2011 13:00
  • Keywords:
  • Location: Japan, Korea, Republic of
  • City:
  • Country: Japan Korea, Republic of
  • Topics: Economy
  • Reuters ID: LVA5AD9EHBQEM0HBIQ455TPFUR3W
  • Story Text: The Nikkei stock average fell for a second straight day on Thursday (July 28) to break below its 200-day moving average, hurt by weak U.S. economic data and a deadlock in talks to raise the U.S. debt ceiling.
    While top U.S. lawmakers worked behind the scenes on a compromise to salvage a last-minute deal from rival debt plans, investors grew increasingly jittery ahead of the August 2 deadline for the United States to avoid a default.
    The benchmark Nikkei fell 1.1 percent to 9,935.07 by the midday break after breaching its 200-day moving average of 9,919 earlier while the broader Topix index was down 1.0 percent at 850.84.
    Hopes for more strong quarterly results from the Japanese corporate sector lent some support to the Tokyo market, with companies like Hitachi Construction Machinery outperforming after robust earnings.
    Seoul shares fell on weak US economic data coupled with an Asiana Airlines crash.
    Shares fell as much as 1.6 percent by mid-session on Thursday, dragged down by Asiana Airlines tumbling 6.9 percent after one of its cargo planes crashed in waters early Thursday morning off the country's south coast.
    The Korea Composite Stock Price Index (KOSPI) slid 0.8 percent to 2,156.51 as of 0206 GMT, weighed by U.S. stock falls overnight.
    Some non-life insurers widened losses after heavy rains caused landslides that damaged cars and houses in Seoul and neighbouring regions.
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