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Tokyo stocks close sharply lower in morning trading

(Xinhua)
Updated: 2008-11-20 11:13

TOKYO -- Japan's key Nikkei index dropped below the 8,000 line for the first time in about three weeks following an overnight plunge on Wall Street and on worries over worsening US economy.

The 225-issue Nikkei Stock Average lost 357.59 points, or 4.32 percent, from Wednesday to end the morning at 7,915.63, after falling below the line earlier in the day for the first time since October 29.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 31.55 points, or 3.81 percent, to 795.88.

Stocks declined almost across the board, led by insurance, consumer finance, and real estate issues. There was only one gainer -- the gas and electric sector.

Investor sentiment in Tokyo remained negative after the Dow Jones index in New York retreated below 8,000 for the first time since March 2003 at its closing the previous trading day.