TOKYO, June 29 (Reuters) - Japan's Nikkei index snapped a
four-session rally on Wednesday, dragged down by heavyweight
technology stocks after Wall Street fell sharply overnight on
fears of an economic slowdown.
The Nikkei share average ended 0.91% lower at
26,804.60. The broader Topix lost 0.72% to 1,893.57.
"Today's market decline is solely due to Wall Street's loss,
which was driven by concerns over consumption," said Shuji
Hosoi, a senior strategist at Daiwa Securities.
"Oil price gains also weigh on sentiment. Globally, the
solution for this has not been identified."
Major Wall Street indexes closed sharply lower in a broad
sell-off overnight, as dire consumer confidence data dampened
investor optimism and fuelled worries over recession and the
looming earnings season.
Chip-making equipment maker Tokyo Electron fell
5.27% and dragged the Nikkei the most. Technology investor
SoftBank Group slipped 1.64% and phone company KDDI
Liquid crystal display maker Nippon Electric Glass
fell 4.31% and was the top loser on the Nikkei.
Tokyo Electric Power Holdings jumped 5.27% and was
the top gainer on the Nikkei, after Japanese Prime Minister
Fumio Kishida said the nation would make greatest possible use
of nuclear power and secure enough power supply.
His remark came as Tokyo's heat broke nearly 150-year-old
records for June and authorities warned power supply remained
tight enough to raise the spectre of cuts.
The utility sector advanced 1.01% and was the top
gainer among the Tokyo Stock Exchange's 33 industry sub-indexes.
Airlines and railways rose 0.84% and
(Reporting by Junko Fujita; Editing by Rashmi Aich and