This week’s highlights of the Asian market are as follows:
Nikkei Drops as Companies Going Ex-dividend
Japan’s Nikkei dropped 170 points as companies going ex-dividend bruised the market. The companies that have their business year ending in March, will go ex-dividend on Wednesday .
Stability in the U.S yields further aggravated this decline.
As state above, the market participants estimate the post-adjustment price would result in Nikkei losing 170 points. The average share fell by 0.6 percent (130.66 points) to 21,297.73.
In general,the Japanese market has been pretty volatile this week, falling by 3% on Monday and bouncing back on Tuesday.
Speaking of dividends, the stocks with high-divided yields, under performed. These includes utility stocks, exporters, and banks.
The big shots such as Toyota Motor Corp. dropped by 2.5%, and Subaru Corp fell by 3.7%. Mitsubishi UFJ Financial Group dipped by 1.9% and Sumitomo Mitsui Financial Group declined by 2.8%.
Power giants Kansai Electric Power plunged 4.5% and Tokyo Gas dipped by 2.7%.
Alconix, the metal products distributor was the biggest loser, dropping by 8.7%.