TOKYO, Aug 25 — Tokyo’s benchmark Nikkei index closed marginally lower today as late profit-taking erased early gains.
The Nikkei 225 fell 0.03 per cent, or 7.30 points, to 27,724.80, but the broader Topix index edged up 0.08 per cent, or 1.46 points, to 1,935.66.
Tokyo shares had opened higher on rekindled hopes that the worst of the latest Covid-19 wave in the United States may be over, following record finishes on Wall Street.
“But investors started locking in profits following two days of gains” in Tokyo, said Shinichi Yamamoto, a broker at Okasan Securities.
“A cycle of profit-taking and bargain-hunting is expected to continue for now,” Yamamoto told AFP.
The dollar stood at ¥109.72 in Asian afternoon trade, compared with ¥109.66 (RM4.21) in New York yesterday.
Looking ahead, the market is starting to factor in the possibility that no major news will emerge from the much-anticipated annual Federal Reserve conference in Jackson Hole, brokers said.
But investors will be watching Fed chair Jerome Powell’s speech on Friday, they added.
In Tokyo, chip-related shares lost ground on profit-taking.
Chip-testing equipment maker Advantest lost 0.77 per cent to ¥8,980, with chip-making equipment manufacturer Tokyo Electron down 0.48 per cent at ¥44,750.
But auto-related stocks firmed after a report that the government plans to increase subsidies for purchases of eco-friendly vehicles such as electric and fuel-cell cars.
Toyota surged 2.28 per cent to ¥9,484 while Nissan jumped 1.51 per cent to ¥568.3. — AFP
