Stocks end mixed amid weak China shares, U.S. earnings hopes
Monday, January 17, 2022 5:37 AM

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TOKYO, Jan. 17, 2011 (Kyodo News International) -- Tokyo stocks ended mixed Monday as optimism about U.S. corporate earnings was offset by a slide in Chinese shares amid concern about further monetary tightening by China.

The 225-issue Nikkei Stock Average rose 3.82 points, or 0.04 percent, from Friday to 10,502.86. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 1.58 points, or 0.17 percent, to 928.73.

The oil and coal products sector was the biggest decliner, followed by the securities, and transport equipment sectors. Gainers included the fishery and forestry, warehouse, and metal products sectors.

Stocks gained earlier in the day on optimism about U.S. earnings after JPMorgan Chase (NYSE:JPM) & Co. released robust fourth-quarter results on Friday, lifting the Dow Jones Industrial Average to its highest closing level in two and a half years, brokers said.

But sharp falls in Shanghai shares chilled investor sentiment in the afternoon, following China's announcement Friday that it will raise the deposit reserve requirement ratio for banks again to fight inflation.

''Sharp falls in Shanghai shares after China's tightening decision were a turnoff, sending Japanese shares lower,'' said Yutaka Miura, senior technical analyst at Mizuho Securities Co.

''Both U.S. and Japanese stocks could undergo an adjustment phase after a strong rally since around November...and China's decision came at a time when market players had grown cautious about chasing share prices higher,'' Miura added.

(Source: )
(Source: Quotemedia)


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