Tokyo shares snap winning streak on profit-taking

The Nikkei 225 index fell 0.38 per cent, or 87.07 points, to 23,091.03, while the broader Topix index lost 0.14 per cent, or 2.29 points, to 1,628.43. — Reuters pic
The Nikkei 225 index fell 0.38 per cent, or 87.07 points, to 23,091.03, while the broader Topix index lost 0.14 per cent, or 2.29 points, to 1,628.43. — Reuters pic

TOKYO, June 9 ― Tokyo's benchmark Nikkei index closed slightly lower today, snapping a six-day winning streak, as investors locked in profits after strong recent gains.

The Nikkei 225 index fell 0.38 per cent, or 87.07 points, to 23,091.03, while the broader Topix index lost 0.14 per cent, or 2.29 points, to 1,628.43.

Tokyo shares opened lower as profit-taking outweighed a positive lead from New York where stocks rallied yesterday with investors betting on the economy's continued ability to recover from the coronavirus pandemic.

“There is a sense of overheating in the Japanese market which is prompting sell orders despite support from rallies in the US market,” said Mizuho Securities, adding that a higher yen against the dollar was also weighing on the market.

The dollar traded at ¥107.96 (RM4.26) in Asian afternoon trade, against ¥108.45 in New York.

In Tokyo, some exporters were lower. Nissan dropped 4.81 per cent to ¥464.1, with Toyota down 0.64 per cent at ¥7,121. Chip-making equipment manufacturer Tokyo Electron fell 2.70 per cent to ¥23,535.

But Sony edged up 0.08 per cent to ¥7,402 with Nintendo climbing 0.28 per cent at ¥45,200.

Banks were lower, with Mitsubishi UFJ Financial losing 0.97 per cent to ¥478.5 and Sumitomo Mitsui down 0.72 per cent at ¥3,400. ― AFP

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