Tokyo, Nov. 21 (Jiji Press)–Tokyo stocks are seen top-heavy next week, as buying on expectedly upbeat bank earnings would be countered by unabated position-adjustment selling.<\/p>\n
Growing concern over terrorism could also check active buying, traders forecast.<\/p>\n
Major Japanese banks next week will release their financial statements for the April-September first half with earnings estimates for the full year to March 2004.<\/p>\n
The megabanks are believed to have performed well, and the reports would give investors buying clues.<\/p>\n
“Renewed buying may be seen after the market confirms robust earnings at the major banking groups,” said Takayuki Suezaki, equity general manager at Nippon Global Securities.<\/p>\n
But Fumiyuki Nakanishi, equity strategist at SMBC Friend Securities Co., was not so optimistic. “Moves to actively chase stocks’ higher ground are seen limited due to worries that terror attacks may spread in the world,” he said.<\/p>\n
Fears of terror attacks were reignited by the bombings of British targets in Istanbul overnight.<\/p>\n
“Few investors dared to sell actively, but players found it difficult to buy shares as Japan could become the next target of terrorism,” said Masatoshi Sato, senior strategist at Mizuho Investors Securities Co.<\/p>\n
This week, the 225-issue Nikkei average shed 314.23 points, or 3.1 pct, to finish Friday’s session at 9,852.83 on the Tokyo Stock Exchange.<\/p>\n
Accelerated position-adjustment selling by individual investors and foreign investors’ profit-taking moves ahead of hedge funds’ book closings at the end of November weighed heavily on the Nikkei, which dropped below the 10,000 threshold for the first time in more than three months.<\/p>\n
Such position-adjustment selling would continue next week, at least to some extent, brokers said.<\/p>\n
SMBC Friend’s Nakanishi expects the Nikkei average to move between 9,500 and 10,200.<\/p>\n
Among key economic indicators to be announced next week is Japan’s industrial production data for October. The industrial production figures, seen to confirm the nation’s economic recovery, will be positive but its impact may be offset by concerns over the yen’s appreciation, brokers said. END<\/p>\n","protected":false},"excerpt":{"rendered":"
Tokyo, Nov. 21 (Jiji Press)–Tokyo stocks are seen top-heavy next week, as buying on expectedly upbeat bank earnings would be countered by unabated position-adjustment selling. Growing concern over terrorism could also check active buying, traders forecast. Major Japanese banks next […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1732","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1732"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1732\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}