Tokyo shares give up gains, end down

The benchmark index ended down 0.03 per cent, or 9.24 points, at 28,874.89, while the broader Topix index lost 0.53 per cent, or 10.39 points, at 1,949.14. — Reuters pic
The benchmark index ended down 0.03 per cent, or 9.24 points, at 28,874.89, while the broader Topix index lost 0.53 per cent, or 10.39 points, at 1,949.14. — Reuters pic

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TOKYO, June 23 ― Tokyo's key Nikkei 225 index gave up earlier gains and ended lower today on profit-taking after a second straight day of Wall Street gains, with fears over US rate policies easing.

The benchmark index ended down 0.03 per cent, or 9.24 points, at 28,874.89, while the broader Topix index lost 0.53 per cent, or 10.39 points, at 1,949.14.

“The Nikkei surged to the day's high of 29,007 in the morning on the back of gains in US shares and the yen's retreat, “ Okasan Online Securities said in a note.

“But a lack of fresh cues discouraged investors from chasing higher prices,” it said.

The Nikkei's early gains came after US Federal Reserve Chair Jay Powell stressed at a congressional hearing that most factors pushing prices higher are “areas that are directly affected by the reopening” of the economy after its pandemic-enforced shutdown.

“But profit-taking kicked in as the Nikkei approached ¥29,000 (RM1,089.75) and drove down the overall market,” sending it to a level similar to the previous day's close, Okasan said.

The dollar stood at ¥110.83, against ¥110.68 in New York late yesterday.

In Tokyo, Nissan lost 0.72 per cent at ¥538.8 after a report said it will adjust July production because of a chip shortage, while its bigger rival Toyota fell 1.79 per cent at ¥9,782.

Uniqlo casual wear operator and market heavyweight Fast Retailing surged 2.05 per cent to ¥83,020.

Many high-tech shares were lower, with Sony dropping 2.02 per cent at ¥10,650. ― AFP

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