Tokyo's Nikkei Index Slips More Than 2% In Early Trade

Tokyo, (UrduPoint / Pakistan Point News - 27th Apr, 2022 ) :Tokyo's key Nikkei index slipped more than two percent in early trade Wednesday extending a rout on Wall Street where fears grew over a global economic slowdown.

The Nikkei 225 index was down 2.33 percent, or 621.90 points, at 26,078.21 about 10 minutes after the opening bell, while the broader Topix index was down 1.86 percent, or 34.91 points, at 1,843.60.

"Japanese shares are starting with a huge drop following falls on Wall Street" where all three major indexes plunged "due to growing worries over the global economic slowdown as China expanded the lockdown" of Shanghai, senior market analyst Toshiyuki Kanayama of Monex said in a note.

Worse-than-expected US indicators including durable goods orders in March also weighed on the market, he added.

The Dollar fetched 127.39 Yen in early Asian trade, against 127.21 yen in New York late Tuesday.

Among major shares in Tokyo, Sony Group was down 1.94 percent at 10,855 yen, Panasonic was off 1.97 percent at 1,119 yen and Hitachi was down 2.37 percent at 5,768 yen.

Toyota was down 1.10 percent at 2,156 yen, SoftBank Group fell 2.91 percent to 5,044 yen, and Uniqlo operator Fast Retailing dropped 2.34 percent to 59,810 yen.