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Japan's Nikkei snaps 4-day rally after Wall Street slump

·1 min read

TOKYO, June 29 (Reuters) - Japan's Nikkei index snapped a four-session rally on Wednesday, dragged down by heavyweight technology stocks after Wall Street fell sharply overnight on fears of an economic slowdown.

The Nikkei share average ended 0.91% lower at 26,804.60. The broader Topix lost 0.72% to 1,893.57.

"Today's market decline is solely due to Wall Street's loss, which was driven by concerns over consumption," said Shuji Hosoi, a senior strategist at Daiwa Securities.

"Oil price gains also weigh on sentiment. Globally, the solution for this has not been identified."

Major Wall Street indexes closed sharply lower in a broad sell-off overnight, as dire consumer confidence data dampened investor optimism and fuelled worries over recession and the looming earnings season.

Chip-making equipment maker Tokyo Electron fell 5.27% and dragged the Nikkei the most. Technology investor SoftBank Group slipped 1.64% and phone company KDDI lost 1.89%.

Liquid crystal display maker Nippon Electric Glass fell 4.31% and was the top loser on the Nikkei.

Tokyo Electric Power Holdings jumped 5.27% and was the top gainer on the Nikkei, after Japanese Prime Minister Fumio Kishida said the nation would make greatest possible use of nuclear power and secure enough power supply.

His remark came as Tokyo's heat broke nearly 150-year-old records for June and authorities warned power supply remained tight enough to raise the spectre of cuts.

The utility sector advanced 1.01% and was the top gainer among the Tokyo Stock Exchange's 33 industry sub-indexes.

Airlines and railways rose 0.84% and 0.51%, respectively. (Reporting by Junko Fujita; Editing by Rashmi Aich and Subhranshu Sahu)