Japan's Nikkei average steadied on
Monday after marking eight straight weeks of declines last week,
although chipmaker Renesas Electronics Corp plunged
after sources said it was planning to raise $1.3 billion to fund
Renesas sank more than 11 percent to a record low on the
news, which also sent NEC Corp, one of its parent
But gains for index heavyweight Fanuc Corp helped
offset those falls, after Morgan Stanley MUFG raised its price
target on the industrial robot maker, saying a recent correction
in the stock was overdone.
By the midday break, the Nikkei was flat at
8,579.03, holding below its five-day moving average near 8,601,
an d still in "oversold" territory, wi th its 14-day relative
strength index at 28.4.
QE market cap rises to QR559.48bn
Qatari stocks marginally gained last week with the main index of the bourse looking up 97.13 points, or 0.93 percent, to 10,486.23 yesterday which was the last trading day of the week.