1st LD Writethru: Tokyo stocks close mixed amid global economic concerns

0 Comment(s)Print E-mail Xinhua, May 22, 2019
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TOKYO, May 22 (Xinhua) -- Tokyo stocks ended mixed Wednesday as initial buying following a positive overnight lead from Wall Street saw gains erased by ongoing concerns over the future course of the global economy.

The 225-issue Nikkei Stock Average edged up 10.92 points, or 0.05 percent, from Tuesday to close the day at 21,283.37.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 4.09 points, or 0.26 percent, to finish at 1,546.21.

Early buying was led by U.S. shares advancing overnight, with technology-related issues here tracking gains made by their U.S. counterparts, local brokers said.

The market's positive sentiment was also supported by government data showing that core private-sector machinery orders in Japan rose in March from a month earlier.

The Cabinet Office here said that orders in the recording month increased 3.8 percent from the previous month, with the total orders, excluding those for ships and from utilities because of their volatility, coming to 868.8 billion yen (7.86 billion U.S. dollars).

Market strategists said the reading, which followed a 1.8 percent increase the previous month, was a boon to the market, as machinery orders are a key advance indicator for corporate capital spending in a six to nine month period ahead.

But buying ran its course and gains were erased in later trade, as a circumspect mood took over the market with investors again concerned that current trade issues could impact the future course of the global economy, investment strategists here said.

Cyclical issues sensitive to global economic trends came under pressure, with industrial robotics maker Fanuc losing 0.4 percent, while semiconductor firm Sumco dropped 0.8 percent by the close.

Shiseido was a notable winner, however, climbing 2.0 percent on expectations the cosmetics maker will see an increase in sales from overseas customers as tourism figures remain solid.

By the close of play, mining and nonferrous metal issues comprised notable gainers, while land transportation, and oil and coal product issues comprised those that declined the most, and issues that fell outpaced those that rose by 1,097 to 945 on the First Section, while 99 ended the day unchanged.

On the main section on Wednesday, 1,203.34 million shares changed hands, dropping from Tuesday's volume of 1,254.55 million shares.

The turnover on the third trading day of the week came to 2,093.0 billion yen (18.94 billion U.S. dollars). Enditem

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