AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Japan's Nikkei posted the biggest daily drop in three months on Monday as investors moved into bonds and other assets perceived as safe amid renewed fears of a global economic slowdown. The Nikkei share average stumbled 3 percent to 20,977.11, the lowest since mid-February and the steepest daily fall since late December. The broader Topix fell 2.5 percent to a two-week low of 1,577.41, with all of its 33 subsectors trading in negative territory.
On Friday, the spread between yields of US three-month Treasury bills exceeded those of 10-year notes for the first time since 2007. The inversion of the Treasury yield curve suggested the world's largest economy could slide into recession and reignited fears of a deepening slowdown in the global economy.
Japanese insurers and banks, which seek higher yielding products such as US bonds, sold off sharply on Monday, weighed down by the inversion of part of the US yield curve.
Dai-ichi Life Holdings shed 3 percent, T&D Holdings was off 2.7 percent and Tokio Marine Holdings dropped 1.4 percent. "Insurers react negatively as it becomes harder for them to manage assets," said Eiji Kinouchi, chief technical analyst at Daiwa Securities. Banks were also down, with Mitsubishi UFJ Financial Group 3 percent lower and Mizuho Financial Group off 1.1 percent.
Shares of companies that are relatively sensitive to the global economic outlook, such as factory automation equipment makers, lost ground on Monday. Fanuc fell 3.8 percent while Keyence, an index heavyweight, gave up 1.2 percent. Daiwa's Kinouchi said firms that are relatively sensitive to the global outlook may rebound on robust stimulus in China - just as many had done after a sell off in December.
Index heavyweight SoftBank Group dropped 5 percent. The drug sector remained in the spotlight, falling 3.9 percent. Drug maker Eisai Co dived 19.83 percent to a daily-limit low of 6,065 yen after the company and its partner Biogen Inc said last week they had scrapped trials of an experimental Alzheimer's drug.
The news weighed on other pharmaceutical names for a second session, with Astellas Pharmaceutical down 3.8 percent and Takeda Pharmaceutical giving up 2.5 percent.

Copyright Reuters, 2019

Comments

Comments are closed.