Nikkei: 9,567.02 (+8.72) Hang Seng:22,901.08 (-59.55) Shanghai Com: 2,852.77 (+3.71): JAPAN'S NIKKEI average was nearly flat yesterday after slipping earlier as a weaker yen offset losses in the utility sector which was dragged down by Tokyo Electric Power Company (Tepco).
The utility and gas sector underperformed the market and fell 3.9 per cent, the biggest loser on the board. It was dragged down by Tepco, which fell 9.5 per cent to ¥380 on worries about its debt being waived, which would make it more difficult to get loans.
The Nikkei has tumbled almost 8 per cent since the earthquake, while Asian stocks outside Japan have gained 5 per cent.
Utilities other than Tepco also posted losses on worries about how much they will have to contribute to help Tepco compensate victims of the crisis at its tsunami-hit nuclear plant.
Chubu Electric fell 5.5 per cent to ¥1,339 and Kansai Electric lost 3.7 per cent to ¥1,452.
But real estate stocks gained. Mitsui Fudosan climbed 2 per cent to ¥1,393. Sumitomo added 1.8 per cent to ¥1,087.
Hong Kong shares closed slightly lower but remained near a key chart support level, suggesting further downside could be limited in the near term. – ( Reuters)
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