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26 Jan 2015
Nikkei drops after Syriza won Greek elections
FXStreet (Mumbai) - The Japanese stocks dropped today as the anti-austerity party, Syriza, won general election in Greece, triggering fears of instability in the Eurozone.
The Nikkei index fell 0.25% or 43.23 points at 17,468.52 levels, compared to the previous session’s close at 17,511 levels. Before the weak closing, the index did manage to take back some of its losses on expectations of strong corporate earnings. Among stocks, Trading house Marubeni Corp closed down 4.7 % on speculation that the company would halve its group net profit forecast. The rumors came true as the company's CEO confirmed rumors, citing falling commodity prices and a goodwill charge related to its acquisition of agribusiness firm Gavilon.
Nikkei Technical Levels
The immediate resistance is seen at 17,532 levels, above which the index could re-test 17,650 levels. On the flip side, a break below 17,366 levels shall open doors for 17,285 levels on the downside.
The Nikkei index fell 0.25% or 43.23 points at 17,468.52 levels, compared to the previous session’s close at 17,511 levels. Before the weak closing, the index did manage to take back some of its losses on expectations of strong corporate earnings. Among stocks, Trading house Marubeni Corp closed down 4.7 % on speculation that the company would halve its group net profit forecast. The rumors came true as the company's CEO confirmed rumors, citing falling commodity prices and a goodwill charge related to its acquisition of agribusiness firm Gavilon.
Nikkei Technical Levels
The immediate resistance is seen at 17,532 levels, above which the index could re-test 17,650 levels. On the flip side, a break below 17,366 levels shall open doors for 17,285 levels on the downside.