【Fujitomi】 Nikkei average falls back as US Nasdaq declines weigh on sentiment
The Nikkei Stock Average fell back and closed at 19,908.58, down 104.68 yen (0.52%) from the previous week's close. The influence of the Nasdaq Composite’s soft performance in the U.S. stock market spread to the Tokyo stock market. On the other hand, insurance stocks and others held firm, buoyed by the rise in U.S. long-term interest rates, so the TOPIX did not decline as much as the Nikkei average.
TOPIX slipped slightly, ending at 1,591.55, down 0.11 point (0.01%) from the previous week’s close. The Tokyo Stock Exchange First Section's trading value was 2 trillion 313.2 billion yen, and the trading volume was 1.78576 billion shares. The number of declining issues on the First Section was 980, rising issues 896, and unchanged 142.
Nikkei futures ended with a long lower shadow and a small red candle. At one point, it fell below the baseline and the 25-day moving average, but it managed to stay above the 25-day line at the close. It is seen as a short-term consolidation from the May 2 high of 20,250 yen. In the near term, the development is expected to be mindful of the turning line (19,915 yen) and the 5-day line (19,936 yen), and the May 8 low (19,710 yen) is likely to be viewed as a near-term support level.
