HomeLatestRoundup: Japan's Nikkei snaps 8-day profitable streak on profit-taking

Roundup: Japan's Nikkei snaps 8-day profitable streak on profit-taking

TOKYO, May 23 (Xinhua) — The benchmark Nikkei stock index ended decrease on Tuesday, snapping an eight-day profitable streak, as buyers opted for income amid considerations the market is perhaps overheating.

The 225-issue Nikkei Stock Average dropped 129.05 factors, or 0.42 p.c, from Monday to shut the day at 30,957.77.

The broader Topix index, in the meantime, misplaced 14.41 factors, or 0.66 p.c, to complete at 2,161.49.

Local brokers mentioned that buying and selling acquired off to a vivid begin, hitting its highest intraday degree since August 1990, however positive aspects had been pared in later commerce as buyers moved to safe positive aspects following the market’s latest prolonged rally.

“The Nikkei started to look top heavy in the afternoon, which invited some profit-taking,” Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, was quoted as saying.

“The drop isn’t based on any news in particular. The market has been on a rising streak, resulting in it being overheated, or overbought, and profit-taking is taking place,” he additionally mentioned.

Semiconductor-linked points had been bought for income, with chipmaking gear maker Tokyo Electron weighing closely in the marketplace dropping 2.6 p.c.

Chip-testing gear maker Advantest was one other notable loser, ending the day 1.7 p.c decrease.

Toyota Motor Corp. reversed 4.8 p.c though some losses had been trimmed by Renesas Electronics, bucking the downward development and gaining 2.9 p.c, whereas Trend Micro closed 2.2 p.c greater.

By the shut of play, transportation gear, iron and metal and air transportation-linked shares comprised those who declined probably the most.

The turnover on the Prime Market on the second buying and selling day of the week got here to three,760.11 billion yen (27.17 billion U.S. {dollars}).

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