Stock Prices in Tokyo Close Out ’90 on Downside

Tokyo stock prices ended 1990 with a whimper, closing lower on bearish expectations of another bad year.

“The realization that this year was a bad one all came out in the end,” said Masahiko Tsuyuzaki, trader at Tachibana Securities Co.

Initial buying during Friday’s half-day session sent the Nikkei index briefly over key support at 24,000 points. But selling emerged on expectations that 1991 is unlikely to see much recovery from 1990’s declines, brokers said.

The key 225-share Nikkei index lost 91.99 points, or 0.38%, to 23,848.71. The market closed for the day after the morning session. It will reopen for another half-day session Jan. 4 before normal trading resumes Jan. 7.

Turnover was a light 180 million shares, against 150 million in the morning and 330 million all day Thursday. Declining issues led advancers by two to one.

In 1990, the Nikkei fell 15,067.16 points, or 38.7%. Friday’s close contrasts sharply with 1989, when the Nikkei closed the year at a record 38,915.87, up 29% on the year. The last time the index closed lower the last day of the year was in 1986.

“This was the Nikkei’s biggest yearly percentage drop since World War II, said Kunio Urakami, senior adviser at Nikko Securities Investment Trust & Management Co.

“There aren’t any bright factors in 1991 either,” he said.

In Hong Kong, stocks slipped in a very quiet day characterized by a marked absence of enthusiasm in the trough between two holidays, brokers said.

“Many people are still on holiday and trading is not likely to pick up until after the New Year,” said a local broker.