Tokyo Shares Down By Break After Rally Fizzles

Tokyo shares down by break after rally fizzles

TOKYO,(Pakistan Point News - APP - 4th Augst,2016) - Tokyo shares dropped Thursday morning after a rally at the start of trade fizzled, with a stronger Yen hitting exporters. The decline came despite a positive lead from Wall Street, where the main indexes rose following a survey showing private US companies in July added slightly more jobs than expected. Tokyo investors were now awaiting the US government's official July employment report on Friday, analysts said.

"We're in a wait-and-see mode ahead of the US jobs report," Mitsushige Akino, a Tokyo-based executive officer at Ichiyoshi Asset Management, told Bloomberg news. In forex markets, the Dollar edged lower to 100.98 yen from 101.25 yen Wednesday in New York, a negative for the profitability of Japan's exporters. By the break, the benchmark Nikkei 225 index slipped 0.39 percent, or 62.96 points, to 16,020.15, after opening higher at the open.

The broader Topix index of all first-section shares was down 0.24 percent, or 3.09 points, at 1,268.89. In share trading, factory robot maker Fanuc shed 0.59 percent to 16,615 yen, Honda was down 0.31 percent at 2,856 yen and mobile giant SoftBank, a market heavyweight, lost 1.58 percent to sit at 5,818 yen. Energy-linked shares bucked the downtrend on a sharp overnight rebound in crude prices, with explorer Inpex jumping 1.48 percent to 778 yen and oil refiner JX Holdings edging up 0.10 percent at 375.9 yen. ANA Holdings, the parent company of airline giant All Nippon Airways, soared 2.59 percent to 276.9 yen after leaving its annual profit and sales outlook unchanged despite a slump in its net profit for the April-June quarter.