Nikkei tumbles, snaps 7-day winning streak as commodity stocks weigh

jueves 12 de noviembre de 2015 22:10 GYT
 

* For the week, Nikkei has risen 1.3 pct

* Toshiba dives after confirming Westinghouse's losses

* Shipping, metal, trading house stocks underperform

By Ayai Tomisawa

TOKYO, Nov 13 (Reuters) - Japan's Nikkei share average tumbled on Friday morning, snapping a seven-day winning streak after a sharp drop in Wall Street and as weaker commodity prices weighed on stocks such as metals companies and trading houses.

Underperforming the already weak market was Toshiba Corp , which dived more than 8 percent after it said its U.S. nuclear unit Westinghouse had booked losses in the 2012 and 2013 fiscal years. It was the fourth biggest loser on the board.

The Nikkei dropped 0.9 percent to 19,522.48 in midmorning trade after rising 5.4 percent for the past seven days. For the week, the index has risen 1.3 percent.

"The market started to get cautious on heightened expectations that the Fed will raise interest rates soon," said Nobuhiko Kuramochi, a strategist at Mizuho Securities, adding that Japanese stocks are prone to profit-taking given the recent rises.

Investors are staying cautious on whether the U.S. Federal Reserve will raise rates in December for the first time in nearly a decade, as is widely expected after recent strong jobs data.   Continuación...