Nikkei 225 Slumps 4% In Asian Tech Rout, Wall Street Cues, Higher Interest Rates

Friday, February 26, 2021 4:54 AM | MT Newswires

The Nikkei 225 opened lower on Wall Street cues and the same-day Asian tech-rout, and declined in trading, finishing off 4.0% as market denizens reappraised high-flying tech-sector valuations in a world of rising interest rates. The overnight 3.5% retreat on the tech-centric Nasdaq set the tone, said analysts.

The benchmark Nikkei 225 fell 1,202.26, blowing down not only below 30,000, but under 29,000 to 28,966.01, as losing issues outnumbered gainers 222 to two.

On the scant upside were oil-refiner Idemitsu Kosan (IDKOF, 5019:Tokyo,), up 0.3%, followed by chemical-and-cosmetics concern Kao (KAOCF, 4452:Tokyo), up 0.1%.

Leading the downside were Nissan Chemical (4021:Tokyo), off 7.8%, and then semiconductor test-equipment maker Advantest (ATEYY, 6857:Tokyo) down 7.5%.

The Tokyo Stock Exchange REIT Index retreated 2.8% on the day.

The Nikkei 225 is up 5.6% year-to-date.

In economic news, seasonally adjusted factory output in Japan rose 4.2% in January from December, but was still down 5.3% from the year-earlier period, the country's Ministry of Economy, Trade and Industry (METI) reported.

Blunted by the COVID-19 pandemic, retail sales in Japan fell 0.5% in January from December, seasonally adjusted, and were down 2.4% year-over-year, reported METI.

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