Tokyo Stocks Edge Down On Profit-taking
Sumaira FH Published October 17, 2019 | 02:31 PM
Tokyo stocks closed marginally lower on Thursday, taking a breather from a recent string of gains as investors watched for developments in Brexit talks in Brussels
Tokyo, (UrduPoint / Pakistan Point News - 17th Oct, 2019 ) :Tokyo stocks closed marginally lower on Thursday, taking a breather from a recent string of gains as investors watched for developments in Brexit talks in Brussels.
The benchmark Nikkei 225 index fell 0.09 percent, or 21.06 points, to 22,451.86, snapping a four-day winning streak.
The broader Topix index was down 0.45 percent, or 7.35 points, at 1,624.16.
"It is only natural that the market takes a break after the Nikkei rallied more than 1,000 points in the past four trading days," said Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute.
"We can say the bottom is solid, as is the US market." On Wall Street Wednesday, the Dow Jones index slipped 0.1 percent as lingering questions over Brexit talks and the state of US-China trade relation offset another batch of good earnings.
"Buying sentiment is not so weak as investors expect additional fiscal measures" to boost the economy in the wake of the typhoon disaster in Japan, Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.
Equity analysts pointed to doubts about whether revived efforts between British Prime Minister Boris Johnson and European Union officials will yield a Brexit agreement that can win support in Britain.
"Bearish investors are hoping for a hard Brexit scenario as they had already sold a lot," Suzuki at Tokai Tokyo said.
"If the outcome is a no-deal or postponing a conclusion, it would provide them a buy-back opportunity." The Dollar held steady, trading at 108.75 Yen in Asian afternoon trade against 108.71 yen in New York Wednesday afternoon.
In individual stocks trade, SoftBank Group rose 1.05 percent to 4,295 yen after the Nikkei business daily reported it was planning to propose a $5-billion financial package for WeWork.
"A big cash injection would wipe out worries for now but no-one knows whether it would be enough or whether they would still need to solve fundamental problems such as questions about its (WeWork's) business model," Suzuki said.
Toyota lost 0.96 percent to 7,383 yen, while Nissan was down 0.53 percent at 685.1 yen.
Nintendo dropped 2.73 percent to 39,060 yen but Sony gained 2.10 percent to 6,510 yen.
Related Topics
Recent Stories
French bill seeks to ban hair discrimination affecting black women
CDC organizes awareness walk, seminar to mark World TB Day
CM reviews progress made for Gwadar Safe City project
Nottingham Forest's double European Cup winner Lloyd dies
Senior minister holds meeting with environment expert
Directorates for special education, women to be established soon: CM’ Advisor
Governor Sindh announces comprehensive IT program for youth of Hyderabad
SSDO urged Punjab Government to establish Punjab Human Rights Commission
DC Abbottabad imposes section 144 during FBISE annual SSC examination 2024
President calls for further strengthening of Pakistan-UK trade, economic ties
President for better marketing, projection of gemstone industry of Pakistan
26% increase on tobacco tax can reduce PKR 300bn in health cost
More Stories From Business
-
26% increase on tobacco tax can reduce PKR 300bn in health cost
1 hour ago -
Minister expresses anguish over alleged use of poor-quality material
2 hours ago -
Commerce Minister initiates push for E-commerce growth with in-house briefing
2 hours ago -
Pakistan's total liquid foreign reserves reach $ 13.42 billion
2 hours ago -
European stock markets head into Easter break with slight gains
2 hours ago -
Korean envoy promises all efforts to enhance direct trade with Faisalabad
3 hours ago
-
Russian Ambassador congratulates Jam Kamal on assuming charge, discusses trade
4 hours ago -
Aeon & Trisl signifies back-to-back successes by securing the No. 1 Award at the Emaar & Top Award a ..
4 hours ago -
Development of SMEs govt's top priority: Rana Tanveer
4 hours ago -
Asian markets mixed after Fed official floats rate cut delay
2 hours ago -
CCP to sign MoU China’s market regulatory
2 hours ago -
Rupee gains 01 paisa against dollar
2 hours ago