2014.08.1407:23:29UTC+00Japanese stocks aim for biggest weekly gain in four months

Japanese stocks broke a four-day winning streak as the benchmark index dropped on concerns of investors on the geopolitical situation in Ukraine, Gaza, and the Middle East.

The Topix Index shed 0.2% to 1,268.55, 10:09 am , Tokyo time. The gauge was set to amass a 3.3% gain for the week, an advance that was last seen in April 18. The trend in the index showed that the number of climbers roughly matched the number of those who fell. The Nikkei 225 Stock Average dropped by 0.1% to 15,293.30 with the nation’s currency extending decline with a 0.1% loss to match the dollar at 102.50 yen each.

Air conditioner and warhead producer, Daikin Industries Ltd. plunged by 2.5% to lead the decline in the Topix Index where the downfall was also paced by oil producers which was driven to fall by crude prices that are on its fourth weekly decline. In the Nikkei 225 Stock Average, Kawasaki Kisen Kaisha Ltd. lifted the index up as the shipper reported a rise in their commodity shipping rates that is the highest it has been in 8 months along with a boost in the ratings of the company made by UBS. Drugmaker, Astellas Pharma Inc. surged by 1.9% following a raise in share-price targets by at least two brokerages.

Equity strategist at Nomura Holdings Inc., Juichi Wako, commented to Bloomberg that the market has been purchased despite thin trading the past four days that’s why a number of market participants is expected to collect profit as they adjust holding before the weekend.

In Russia, the morning speech of President Vladimir Putin where he said that all efforts are being directed to ending the conflict as soon as possible “so that the blood can stop flowing in Ukraine” calmed the European markets after a stalling in the economic recovery as seen in their GDP reports. In Iraq, Prime Minister Nouri al-Maliki stepped down as an indication to end a political impasse despite the Islamist insurgency north of the country.