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Last updated at: (Beijing Time) Tuesday, September 03, 2002

Nikkei, TOPIX Tumble to 1980s Levels in Tokyo

Tokyo stocks tumbled Tuesday on broad-sector selling launched by speculative investors, sending the benchmark indexes to levels last seen in the early 1980s.


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Tokyo stocks tumbled Tuesday on broad-sector selling launched by speculative investors, sending the benchmark indexes to levels last seen in the early 1980s.

The 225-issue Nikkei Stock Average shed 304.59 points, or 3.2 percent, to close at 9,217.04 on the Tokyo Stock Exchange, its lowest level since Sept. 19, 1983, when it finished at 9,141.25.

The broader Tokyo Stock Price Index (TOPIX) of all First Section issues fell 26.12 points, or 2.81 percent, to 904.24, its lowest close since Dec. 25, 1984, when it ended at 898.99.

Brokers attributed the fall to selling by speculative investors running short-term funds who were frustrated by the long spell of narrow-range trading.

Volume on the main section increased sharply to 742.18 million shares from Monday's 500.58 million.

About 90 percent of issues listed on the section, or 1,359, were losers while only 80 issues gained and 70 others were unchanged.

All 33 business sectors on the bourse lost ground, with brokerages and banks posting hefty falls of over 5 percent.

Gas companies suffered the mildest fall as a sector, with Tokyo Gas and Osaka Gas managing to post gains.

Brokers said the scandal at nuclear power plants of Tokyo Electric Power Co. is making investors shun power companies in general and lean toward gas firms, believing they will be free of troubles related to nuclear power.

The volume leader was Sumitomo Mitsui Banking, which plunged 48yen to 556 yen.

Sony was the most heavily traded issue by value, dropping 80 yen to 5,020 yen.

The Second Section index fell 19.02 points to 1,708.22 on a volume of 55.76 million shares.


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