Japanese stock market opens lower, led by banks

(RTTNews) - The Japanese stock market opened lower on Friday, led by financial stocks amid lingering credit worries. A jump in crude oil prices overnight also weighed on the stocks.

At 8.59 P.M. ET, the benchmark Nikkei 225 Index was declining 99.71 points or 0.76% to 12,967.50, while the broader Topix Index of all First Section issues was losing 14.87 points to 1,275.89.

The Japanese market closed higher for a second straight session on Thursday. The Nikkei 225 Index rose 15.08 points or 0.1% to settle at 13,067.21.

The U.S. stock market closed higher on Thursday after a roller-coaster session. Positive sentiment generated by merger and acquisition activity within the chemical sector helped offset concerns over the financial sector as well as rising oil prices.

Oil soared on Thursday amid turmoil in the Middle East and moved above US$141 a barrel again. Crude for August delivery ended the session on the New York Mercantile Exchange at US$141.65, up US$5.60 a barrel.

In currency trading, the U.S. dollar was trading in the upper 106-yen range on Friday. In early trades, the dollar was quoted at 106.95-106.96 yen, down 0.21 yen compared to 107.16-106.17 yen at close on Thursday.

The markets have little to digest in terms of economic news on Friday.

Among banking stocks, Mitsubishi UFJ Financial slipped 1.52%, Sumitomo Mitsui Financial slid 2.41% and Mizuho Financial declined 1.14%. Top brokerage Nomura Holdings lost 1.11%.

Automaker Honda eased 0.27%, Mazda declined 1.00%, Nissan dipped 1.98%, Suzuki lost 1.89% and Toyota gave away 0.80%. In the tech space, Advantest declined 0.71%, Kyocera eased 0.32%, Matsushita Electric Industrial gave away 0.67% and NEC lost 0.70%. Fujitsu remained unchanged.

Machinery makers Sumitomo Heavy Industries lost 0.51%, Komatsu eased 0.55% and Daikin Industries slipped 1.29%, while Mitsubishi Heavy Industries added 0.21%. Oil explorer Inpex Holdings rose 2.50%, while major oil refiner Nippon Oil remained unchanged.

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