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Nikkei falls below 16,000 on U.S. stocks slide

Written by: Staff
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Tokyo, May 18 : The Nikkei declined 1.88 percent on Thursday after falling below 16,000 for the first time in two months, as exporters such as Honda Motor Co. Ltd. lost ground following a sharp sell-off in U.S. stocks.

Daikin Industries Ltd. was among the few gainers, after the maker of air conditioners said it was in talks to buy Malaysian firm OYL Industries Sharp falls in U.S. stocks -- the Dow Jones industrial average recorded its biggest one-day point drop in three years on Wednesday -- surprised the Tokyo market, said Yoku Ihara, manager of investment information at Retela Crea Securities.

''After yesterday's advance, everyone thought the Nikkei's correction had ended. Then New York happened,'' he said.

The Nikkei was down 307.13 points at 16,000.54 as of 0048 GMT.

Earlier it fell below the 16,000 mark for the first time since March 10.

The TOPIX index was down 2.06 percent at 1,622.95.

Honda, Japan's third-largest auto maker, gave up 1.6 percent to 7,630 yen.

Brokerage Nomura Holdings Inc. fell 3.8 percent to 2,280 yen.

The company said it plans to pay investors a dividend of 32 yen per share in the financial year to March 2007, compared with 48 yen per share a year ago.

Shares of Daikin jumped 7.5 percent to 4,010 yen after the manufacturer of air-conditioners said it was considering buying OYL Industries.

The Nihon Keizai business daily said on Thursday that Daikin will buy the Malaysian company for 230 billion yen (

Tokyo, May 18 : The Nikkei declined 1.88 percent on Thursday after falling below 16,000 for the first time in two months, as exporters such as Honda Motor Co. Ltd. lost ground following a sharp sell-off in U.S. stocks.

Daikin Industries Ltd. was among the few gainers, after the maker of air conditioners said it was in talks to buy Malaysian firm OYL Industries Sharp falls in U.S. stocks -- the Dow Jones industrial average recorded its biggest one-day point drop in three years on Wednesday -- surprised the Tokyo market, said Yoku Ihara, manager of investment information at Retela Crea Securities.

''After yesterday's advance, everyone thought the Nikkei's correction had ended. Then New York happened,'' he said.

The Nikkei was down 307.13 points at 16,000.54 as of 0048 GMT.

Earlier it fell below the 16,000 mark for the first time since March 10.

The TOPIX index was down 2.06 percent at 1,622.95.

Honda, Japan's third-largest auto maker, gave up 1.6 percent to 7,630 yen.

Brokerage Nomura Holdings Inc. fell 3.8 percent to 2,280 yen.

The company said it plans to pay investors a dividend of 32 yen per share in the financial year to March 2007, compared with 48 yen per share a year ago.

Shares of Daikin jumped 7.5 percent to 4,010 yen after the manufacturer of air-conditioners said it was considering buying OYL Industries.

The Nihon Keizai business daily said on Thursday that Daikin will buy the Malaysian company for 230 billion yen ($2.1 billion), making the Japanese firm the world's second-largest maker of air-conditioners.

Reuters

.1 billion), making the Japanese firm the world's second-largest maker of air-conditioners.

Reuters

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