Tokyo: Stocks open 0.71% lower

[TOKYO] Tokyo stocks opened 0.71 per cent lower on Thursday, following sharp drops on Wall Street and weak US data.

The Nikkei 225 index at the Stock Exchange gave up 140.60 points to 19,605.60 at the start.

The dollar edged lower on Wednesday after data showed US durable goods orders fell 1.4 percent in February.

The greenback was changing hands at 119.49 yen (S$1.30) early Thursday, marginally up from 119.43 yen in New York late Wednesday but still down from 119.62 yen in Tokyo earlier Wednesday.

The euro bought US$1.0964 and 131.03 yen against US$1.0973 and 131.05 yen in US trade.

US stocks fell sharply Wednesday with Nasdaq suffering the deepest declines on worries that technology and biotech equities have become overvalued.

The tech-rich Nasdaq Composite Index, which stood above 5,000 on Monday, fell 2.37 per cent to 4,876.52.

The blue-chip Dow Jones Industrial Average sank 1.62 per cent while the broad-based S&P 500 slid 1.46 per cent.

AFP