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Japan shares fall third day on US worries

Japan shares fall third day on US worries

Tokyo shares fell the third day in a row, as cautious investors remained concerned about the U.S. economy despite an overnight rise on Wall Street.
The benchmark Nikkei 225 index lost 99.48 points, or 0.77 percent, to close at 12,752.21 _ its lowest finish in more than four months. The broader Topix index shed 0.72 percent to 1,224.5.
Continued nervousness about the U.S. financial sector dampened sentiment on banks, consumer finance companies and brokerages. Nomura Holdings Inc. fell 1.64 percent to 1,440 yen, Sumitomo Mitsui Financial Group Inc. shed 2.07 percent at 661,000 yen, and Sompo Japan Insurance Inc. dropped 1.77 percent to 946 yen.
Major Japanese telecommunications names also fell, including KDDI Corp., down 1.41 percent to 629,000 yen, and mobile provider NTT DoCoMo, Inc., down 1.08 percent at 164,800 yen.
"The mobile phone market, which has driven the expansion of the overall telecom market, is approaching saturation in all respects," said Deutsche Securities analyst Kenji Nishimura in a research memo.
Meanwhile, oil prices rose in Asia _ bad news for consumers, but a boost to energy company stocks.
Light, sweet crude for October delivery was up US$1.20 cents at US$116.76 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract rose US$1.01 overnight to settle at US$115.56 a barrel.
Nippon Oil Corp., Japan's largest oil distributor, rose 1.68 percent to 667 yen.
In currencies, the dollar fell to 108.70 yen from 109.72 yen late Wednesday. The euro stood at US$1.4778, up from US$1.4745.


Updated : 2021-05-12 19:08 GMT+08:00