Tokyo stocks open flat

Agence France-Presse

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Tokyo stocks opened flat on Monday as Nintendo shares become untraded due to a flood of sell orders

FALLING FLAT. The Nikkei 225 edged down 0.07% at the start.

TOKYO, Japan – Tokyo stocks opened flat Monday following a weak lead from Wall Street, with Nintendo shares untraded due to a flood of sell orders after the gaming giant warned it would swing back into the red.

The Nikkei 225 index edged down 0.07 percent, or 10.32 points, to 15,724.14 at the start.

“The lack of momentum in US markets, in addition to the fact that Wall Street will be off Monday should translate into fairly sluggish session,” said SMBC Nikko Securities general manager of equities Hiroichi Nishi.

The New York market is closed Monday for the annual Martin Luther King Jr. holiday.

Shares in Nintendo were untraded with sell orders overwhelming buy offers after the company forecast a huge loss this fiscal year.

Nintendo said Friday it expects a loss of 25 billion yen ($240 million) in the year to March, reversing an earlier 55 billion yen net profit forecast.

The dramatic downgrade came after the Tokyo market closed Friday.

The dollar was at 104.24 yen early Monday against 104.30 yen in New York Friday afternoon.

The euro bought $1.3527 and 141.01 yen compared with $1.3535 and 141.17 yen in US trade.

On Wall Street, American Express’s solid earnings helped pushed the Dow higher Friday but the broader market fell after a mixed batch of corporate earnings and economic reports.

The Dow Jones Industrial Average advanced 0.25 percent to 16,458.56 while the S&P 500 fell 0.39 percent to 1,838.70. –

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