Tokyo stocks open lower on profit-taking

TOKYO: Tokyo stocks opened lower on Wednesday, as profit-taking dominated with worries about business confidence receding on benign US data.

The benchmark Nikkei 225 index was down 0.34% or 73.82 points at 21,429.87 in early trade while the broader Topix index was down 0.28% or 4.45 points at 1,601.03.

“Pressure on profit-taking is seen mounting following mixed US shares and a rapid rise in the previous session” in Tokyo, Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

The fall came despite a sense of relief that a halt in US will be extended after the latest US inflation data came in milder than expected.

The appeared to shrug off the British parliament’s vote against Prime Minister Theresa May’s Brexit deal.

The dollar fetched 111.35 yen in early Asian trade, against 111.32 yen in New York.

In Tokyo, banks were among losers, with Mitsubishi UFJ Financial slipping 0.45% to 566.4 yen and Sumitomo Mitsui Financial down 0.35% at 3,892 yen.

Airlines were also lower with Japan Airlines down 0.42% at 3,965 yen and ANA Holdings down 0.86% at 4,011 yen.

Trading houses were lower, with Mitsubishi Corp down 0.53% at 3,153 yen and Itochu down 0.49% at 2,006 yen.

On , the Dow ended down 0.3% at 25,562.83, while the broader S&P gained 0.3%. — AFP

Source: The Sun Daily

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