1st LD Writethru: Tokyo stocks close lower on profit-taking, Brexit concerns

0 Comment(s)Print E-mail Xinhua, January 16, 2019
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TOKYO, Jan. 16 (Xinhua) -- Tokyo stocks closed lower Wednesday as investors opted to lock in profits made recently while concerns mounted over the future course of Britain leaving the European Union after an exit deal was voted down in parliament a day earlier.

The 225-issue Nikkei Stock Average dropped 112.54 points, or 0.55 percent, from Tuesday to close the day at 20,442.75.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 4.95 points, or 0.32 percent, to finish at 1,537.77.

Local brokers said that following positive earnings in the U.S. financial sector and amid a lack of definitive cues here, investors were happy to take profits following the Nikkei's more than 5 percent rise since trading began this year.

They added, however, that there was some consternation over a no-confidence vote filed against British Prime Minister Theresa May, following her Brexit deal getting shot down in parliament a day earlier.

Makoto Sengoku, market analyst at the Tokai Tokyo Research Institute, said that it was difficult anticipating how the Brexit deal, or lack thereof, may impact global bourses.

"It is difficult to see how the Brexit deal will develop and how much impact it will have on global stock markets toward March 29, when Britain is currently expected to leave the bloc, prompting investors to refrain from taking fresh positions," Sengoku was quoted as saying.

By the close of play, oil and coal product, mining, and pulp and paper-linked issues comprised those that declined the most, and falling issues outpaced rising ones by 1,424 to 635 on the First Section, while 69 ended the day unchanged.

On the main section on Wednesday, 1,209.62 million shares changed hands, dropping from Tuesday's volume of 1,345.82 million shares.

The turnover came to 2,158.1 billion yen (19.87 billion U.S. dollars). Enditem

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