Thursday, October 28, 2010

Nikkei edges down to lowest close in 6 weeks

TOKYO: Japan's Nikkei average drifted down to its lowest close in six weeks on Thursday, Oct 28 as short-covering that emerged after the Bank of Japan's announcement of details of its asset buying scheme failed to last.

The Nikkei briefly turned positive in the afternoon, but it ran out of steam quickly as global shares prices have been put under pressure recently as investors shift away from risk assets on speculation that monetary easing in the United States will not be as pronounced as originally thought.

The benchmark Nikkei ended down 0.2 percent or 21 points at 9,366.03 -- its lowest close since Sept. 14.

The broader Topix fell 0.4 percent to 814.33.

In Seoul, shares slipped on Thursday as investors lowered their expectations on how aggressively the U.S. Federal Reserve will engage in its next round of quantitative easing, while LG Electronics rose after quarterly results.

The Korea Composite Stock Price Index (KOSPI) finished down 0.09 percent at 1,907.87 points. - Reuters

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