Date: Wednesday 21 Jul 2010
The Nikkei settled in the red as the stronger yen wiped out demand for key exporters and concern about the global economic recovery weighed on overall buyer appetite.A mixed batch of company earnings in the US overnight and disappointing housing data cast a cautionary mood on Wednesday’s session as did jitters ahead of the results of European bank stress tests.
Shares on the move included Elpida Memory which slumped 4%. Toyota lost 0.16% while Softbank fell 0.48%.
The benchmark Nikkei 225 index closed down 21 points at 9,279 in Tokyo.
Higher commodity prices underpinned gains in Hong Kong on Wednesday. The Hang Seng gained 0.93% with shares in China Shenhua and PetroChina bagging decent gains.
Shares of Angang Steel surged 7.2% in Hong Kong on the back of a spike in commodity prices and reports that China is looking to consolidate its steel sector.
The banking sector also did well with shares in HSBC, Bank of China and Bank of Communications all advancing.The Hang Seng index advanced 187 points at 20,449 in Hong Kong.
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