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Nikkei tumbles as oil worries prompt investors to cash in on bounce
January 26, 2016 / 6:12 AM / 2 years ago

Nikkei tumbles as oil worries prompt investors to cash in on bounce

TOKYO, Jan 26 (Reuters) - Japanese stock indexes tumbled more than 2 percent on Tuesday as investors took profits on a two-day bounce after concerns about global growth were revived as oil prices slid below $30 per barrel once again.

The Nikkei share average fell 2.4 percent to 16,708.90.

Fears of a global slowdown prompted sharp selling of shares in Japan’s shipping companies. The Topix subindex for marine transportation lost 4.6 percent, making it the day’s worst performing sector.

Shares of top Sprint stakeholder Softbank Group Corp tumbled 3.4 percent after the Kansas City Star reported the U.S. mobile carrier has cut at least 2,500 jobs, deeper than the 2,000 employees Sprint said it would fire earlier.

The broader Topix shed 2.3 percent to end the day at 1,360.23 with each of its 33 subindexes in negative territory.

The JPX-Nikkei Index 400 fell 2.3 percent to 12,273.79. (Reporting by Joshua Hunt; Editing by Simon Cameron-Moore)

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