Monday, July 13, 2009

Amid Political Uncertainity Nikkei Hits 8-Wk Closing Low

. Monday, July 13, 2009

By stockOzone team

Japan's Nikkei average slid 2.6 percent, hitting its lowest close in eight weeks on Monday, hurt by growing political uncertainty after news that embattled Prime Minister Taro Aso is set to call a general election for Aug. 30.

But Kirin Holdings Co (2503.T) jumped nearly 8 percent and other brewers rose after Suntory Holdings Ltd said it was considering a merger with Kirin, which would create one of the world's largest beverage and food firms.

The benchmark Nikkei .N225 dropped 236.95 points to 9,050.33, its lowest finish since May 18. It booked a nine-day slide, in which it lost 9.1 percent.

The broader Topix declined 2.3 percent to 852.42.

Disclosure: Author does not own any of the stocks discussed here.

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