Nikkei plummets on opening after Wall Street tumbles overnight

08/09/2011
By

TOKYO (majirox news) — The Tokyo Stock Exchange’s Nikkei index opened Aug. 9 over 300 points lower than its overnight closing price as investors sold following a dramatic 600 point fall on Wall Street overnight.

The Nikkei fell to 8,759 at 9:30 a.m., 337 yen lower than its closing price on Monday and below the 9,000 mark for the first time in about five months.

World markets have continued falling as anxiety spreads among investors.

Sales were heavy among blue-chip exporters such as Toyota Motor Co. and Sony Corp., as well as banking related stocks including the Mitsubishi UFJ and Sumitomo Mitsui financial groups.

In the United States, markets tumbled Aug. 8 as the Dow Jones Industrial Average closed down more than 634 points, or 5.5 percent, making it the biggest one-day drop since December 2008. It was the first day of trading since Standard & Poor’s lowered the U.S. credit rating last week for the first time in history.

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