TOKYO, Oct 28 ― Tokyo stocks opened lower today following losses on Wall Street, with the yen's appreciation also weighing on the market.
The benchmark Nikkei 225 index fell 0.47 per cent, or 111.52 points, to 23,374.28 in early trade while the broader Topix index gave up 0.68 per cent, or 10.92 points, to 1,606.61.
The soft start on the Tokyo bourse came after investors continued to sell US shares on lingering worries that the continued spread of the coronavirus may result in renewed lockdowns.
“Tokyo shares are expected to turn soft today,” said Okasan Online Securities in a note to clients.
“US shares were so-so, and the dollar's continued weakness and the yen's appreciation will likely weigh on the market,” it said.
The Dow fell 0.8 per cent, the S&P slipped 0.3 per cent while the Nasdaq added 0.6 per cent as hopes fade for a political deal over an eagerly anticipated fresh stimulus.
The dollar stood at ¥104.53 (RM4.17) compared with ¥104.41 in New York and ¥104.69 seen in Tokyo yesterday.
A lack of fresh news in Tokyo was discouraging investors from engaging in active trading, SBI Securities said in a note.
Okasan also added that investors' general appetite for bargains has remained strong at the current range.
“When you look at individual shares, you see lots of activity with the earnings season in full swing,” Okasan said.
Among major shares, ANA Holdings fell 1.48 per cent to ¥2,256 after it reported eye-watering losses for the fiscal first half and predicted a record annual loss of US$4.87 billion as travel demand dried up due to the pandemic.
Toyota fell 1.09 per cent to ¥6,885. Nissan gave up 1.74 per cent to ¥378.
Mitsubishi UFJ Financial Group fell 1.34 per cent to ¥413.8. Nippon Steel lost 2.01 per cent to ¥1,049.
Construction equipment maker Komatsu fell 3.29 per cent to ¥2,394.
But Sony, which releases earnings later today, added 1.07 per cent to 8,187. Nintendo rose 1.40 per cent to ¥57,830 and chipmaker Murata Manufacturing added 0.45 per cent to ¥7,401.
SoftBank Group added 0.52 per cent to ¥6,947. ― AFP
