By Jason Clenfield and Masaki Kondo
May 28 (Bloomberg) -- Japanese shipping shares climbed after commodity-shipping fees rose to an eight-month high. Property developers slumped after a 9.4 percent rally in the past three days.
Kawasaki Kisen Kaisha Ltd., Japan’s third-biggest shipping line, rose 2.2 percent. Inpex Corp., the nation’s largest oil and gas explorer, climbed 2 percent after Nomura Holdings Inc. raised the stock to “buy.” Developer Sumitomo Realty & Development Co. sank 2.2 percent, while Sumitomo Mitsui Financial Group Inc. fell 1.3 percent after a drop in U.S. financial shares.
The Nikkei 225 Stock Average declined 14.90, or 0.2 percent, to 9,423.87 as of 9:30 a.m. in Tokyo. The broader Topix index rose 1.99, or 0.2 percent, to 894.84, with three stocks rising for every two that retreated.
The Baltic Dry Index, a measure of shipping costs for commodities, surpassed 3,000 points for the first time since October, buoyed by Chinese demand for iron ore. The gauge rose for a 17th day to the highest since Sept. 30.
The Standard & Poor’s 500 Index dropped 1.9 percent in New York, the biggest slide in two weeks, led by financial companies as the yield on 10-year U.S. Treasuries climbed 18 basis points to 3.732 percent.
To contact the reporter for this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net; Masaki Kondo in Tokyo at mkondo3@bloomberg.net.
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