Tokyo's Nikkei opens down more than 3pc

The Nikkei 225 index dropped 3.13 per cent or 611.27 points to 18,935.36 in early trade, while the broader Topix index was down 2.64 per cent or 37.61 points at 1,387.01. — Reuters pic
The Nikkei 225 index dropped 3.13 per cent or 611.27 points to 18,935.36 in early trade, while the broader Topix index was down 2.64 per cent or 37.61 points at 1,387.01. — Reuters pic

TOKYO, March 26 ― Tokyo's key Nikkei index opened down more than three per cent today on profit-taking after surging in recent sessions, although US stimulus plans offset worries over the coronavirus pandemic.

The Nikkei 225 index dropped 3.13 per cent or 611.27 points to 18,935.36 in early trade, while the broader Topix index was down 2.64 per cent or 37.61 points at 1,387.01.

“Japanese shares are seen dominated by profit-taking sales following rallies in recent sessions,” said Okasan Online Securities.

“The rise in US shares on the Trump administration's two-trillion-dollar stimulus is a positive factor, but the Nikkei 225 this week has soared at a rapid pace.”

“These recent rallies are seen as a short-term buyback, and investors will take a cautious attitude over the longer term,” it added, noting there was little sign the spread of the new coronavirus was slowing.

The dollar fetched ¥110.48 (RM4.38) in early Asian trade, against ¥111.20 in New York.

On Wall Street, the Dow ended up 2.4 per cent at 21,200.55. ― AFP

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