Tokyo Stocks Fall
Aug. 20, 2001
TOKYO (AP) _ Tokyo stocks dropped in early trading Monday amid persistent worries about the U.S. economy. The U.S. dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average shed 98.30 points, or 0.86 percent, to 11,347.24 in early trading. On Friday, the average closed down 69.48 points, or 0.60 percent.
The dollar was trading at 120.39 yen in early trading, down 0.15 yen from 120.54 yen late Friday in Tokyo and also marginally lower than its late New York level of 120.40 yen on Friday.
On the stock market, the Nikkei index continued to fall with selling led by technology issues as investor sentiment remained bleak amid concerns over the slowing U.S. economy.
In New York, the Dow Jones industrial average lost 151.74 to 10,240.78 at Friday's close amid negative factors including profit warnings from Dell Computer and Gap, job cuts by Ford Motor and a sharp decline in sales of U.S. goods.
The Nasdaq composite index closed Friday at 1,867.01, down 63.31.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 8.59 points, or 0.73 percent, to 1,161.22. The TOPIX closed down 5.26 points, or 0.45 percent, on Friday.
In currency dealings, the dollar was somewhat under selling pressure the yen amid uncertainties over the American economic outlook.
In other currencies, the euro was quoted at 110.30 yen, up from 109.08 yen late Friday in Tokyo.
The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Friday, it settled at 1.3000 percent and its price stood at 100.60.
On the Net:
Japan's Tokyo Stock Exchange: http://www.tse.or.jp