Tokyo stocks fell sharply on the 30th as risk-averse sentiment intensified in the market. The Nikkei average tested significantly lower levels, briefly plunging nearly 2,800 yen at one point to fall into the 50,000-yen range.

The Nikkei Stock Average closed at 51,885.85, down 1,487.22 yen from the previous trading day, marking its third consecutive day of decline. The estimated trading volume on the Prime Market was 2.92 billion shares, with an estimated trading value of \7.908 trillion. The number of advancing issues stood at 85, while declining issues totaled 1,436, with 8 unchanged.

The Tokyo market was once again dominated by risk-off sentiment. As Middle East tensions escalated further, speculation over ground operations in Iran fueled risk aversion, and following sharp declines in U.S. stocks late last week, selling spread across a broad range of issues in the Tokyo market. Crude oil futures also strengthened again, reaching the $103 per barrel range, raising concerns about inflationary pressures on the global economy. However, with potential paths toward a ceasefire agreement with Iran also being considered, short sellers were hesitant to act aggressively. The Nikkei average showed resilience in afternoon trading as U.S. stock index futures remained steady. The number of declining stocks exceeded 1,400, accounting for 91% of all issues, resulting in an almost across-the-board decline, though some energy-related stocks showed strength. Trading value remained at a high level of \7.9 trillion, following the previous week's trend, though it fell short of \8 trillion.

Among individual stocks, ADVANTEST CORPORATION <6857>, which ranked high in trading value, was heavily sold, while SoftBank Group Corp. <9984> also saw notable declines. DISCO CORPORATION <6146> traded lower, and Mitsubishi Heavy Industries,Ltd. <7011> was weak. Megabanks including Mitsubishi UFJ Financial Group, Inc. <8306> and Sumitomo Mitsui Financial Group, Inc. <8316> declined. Hitachi, Ltd. <6501> was sold off, and Mitsui Kinzoku Company, Limited <5706> also explored lower levels. ITmedia Inc. <2148>, TOYO SECURITIES CO., LTD. <8614>, and MEIJI ELECTRIC INDUSTRIES CO., LTD. <3388> plunged sharply, while GUNZE LIMITED <3002> and Financial Partners Group Co.,Ltd. <7148> also posted significant declines.

On the other hand, Furukawa Electric Co., Ltd. <5801> remained firm, with Lasertec corporation <6920> and Shin-Etsu Chemical Co., Ltd. <4063> also seeing dominant buying. eREX Co.,Ltd. <9517> topped the list of gainers by percentage, while LIFEDRINK COMPANY, INC. <2585> and RENOVA,Inc. <9519> surged. K&O Energy Group Inc. <1663> and DAIKI ALUMINIUM INDUSTRY CO.,LTD. <5702> also jumped. Japan Display Inc. <6740> showed resilient price movement, and TOYO ENGINEERING CORPORATION <6330> also traded higher.

Source: MINKABU PRESS