Japan’s Nikkei closes below 31,000 points due to Middle East concerns

Japan’s Nikkei index closed below the level of 31,000 points on Monday, as investors worried about the development of the situation in the Middle East.

The Nikkei index fell 0.83 percent, closing at 30,999.55 points. It had earlier fallen to a two-week low of 30,974.26 points before a quick rebound in the last two minutes of the session.

Among the 225 stocks listed on the Nikkei index, the shares of 175 companies declined, 48 rose, and two experienced no significant change.

The index’s volatility measure rose to 23.87, a level not seen since October 28.

The broader Topix index fell 0.75 percent at the close.

Fears increased that the war between Israel and the Islamic Resistance Movement (Hamas) would turn into a broader conflict in the Middle East at the weekend, with Washington warning of a major threat to American interests in the region and announcing the deployment of advanced air defense systems.

But continued diplomatic efforts succeeded in bringing aid convoys into Gaza, while Hamas’s release of two American detainees raised hopes for the release of others.

Pacific Metals stock was the biggest percentage loser, falling 4.83 percent. Oil refining company Ineos shares fell 3.01 percent.