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Tokyo’s Nikkei ends down for third straight session

The Nikkei 225 index lost 0.75 percent, or 221.59 points, to close at 29,285.46. (AFP)
The Nikkei 225 index lost 0.75 percent, or 221.59 points, to close at 29,285.46. (AFP)
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09 Nov 2021 03:11:09 GMT9
09 Nov 2021 03:11:09 GMT9

Tokyo’s benchmark Nikkei index fell for a third consecutive session on Tuesday as a strong yen prompted profit-taking.

The Nikkei 225 index lost 0.75 percent, or 221.59 points, to close at 29,285.46, while the broader Topix index was down 0.81 percent, or 16.45 points, at 2,018.77.

Shares had opened higher in Tokyo, extending rallies on Wall Street, where investors cheered the passage of a US infrastructure overhaul.

But early gains were eroded gradually as investors started locking in profits on several negative factors, including a strong yen, brokers said.

The dollar fetched 112.76 yen in Asian afternoon trade, against 113.22 yen in New York late Monday.

“Selling pressure can easily emerge whenever the Nikkei approaches 30,000,” said Yoshihiro Okumura of Chibagin Asset Management.

“But market sentiment is not so bad as a number of companies are releasing favourable results,” Okumura told AFP.

In Tokyo, Toshiba lost 2.61 percent to 4,845 yen after a report said it plans to split into three companies as early as 2023, aiming to make the performance and growth strategy of each sector clearer.

Nissan fell 0.25 percent to 589.7 yen ahead of its earnings report, due after the market close.

SoftBank Group rocketed 10.50 percent to 6,808 yen after it announced a share buyback worth one trillion yen ($8.9 billion) on Monday.

The investment giant also said it suffered its first quarterly net loss in 18 months as a China tech crackdown and other investment losses hit its Vision Fund portfolio.

AFP

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