1st LD Writethru: Tokyo stocks close lower on lack of fresh trading cues

0 Comment(s)Print E-mail Xinhua, November 13, 2019
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TOKYO, Nov. 13 (Xinhua) -- Tokyo stocks closed lower Wednesday as a lack of fresh trading cues including those related to a key international trade deal and the yen's rise against the U.S. dollar soured the market mood.

The 225-issue Nikkei Stock Average dropped 200.14 points, or 0.85 percent, from Tuesday to close the day at 23,319.87.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 9.34 points, or 0.55 percent, to finish at 1,700.33.

Local brokers said that along with a dearth of fresh incentives, the yen's overnight rise against the U.S. dollar also weighed on the market.

They added that while issues broadly exposed to overseas markets subsequently came under pressure, some investors also moved to lock in gains and secure profits.

Profit-taking on a wide range of issues was triggered by the Nikkei gaining around 0.8 percent a day earlier, to close at a fresh 13-month high, market strategists here highlighted.

Machinery and robotics makers lost ground on concerns over the outlook for the global economy, and Yaskawa Electric lost 1.3 percent, while Kubota lost 2.9 percent. Hitachi Construction Machinery, meanwhile, closed the day 1.7 percent lower.

Exporters reliant on a weaker yen against the U.S. dollar to boost profits when repatriated from overseas, also came under pressure, with Nissan Motor skidding down 0.5 percent, after reporting its operating profit had plunged in the first half of fiscal year 2019.

SoftBank Group closed marginally higher, edging up 0.07 percent, while Fujifilm Holdings jumped 6.3 percent after reporting a robust group operating profit for the fiscal first half.

By the close of play, the majority of industry categories closed in negative territory, with iron and steel, oil and coal product, and mining-linked issues comprising those that declined the most.

Issues that fell outpaced those that rose by 1,606 to 479 on the First Section, while 68 ended the day unchanged.

On the main section on Wednesday, 1,215.32 million shares changed hands, dropping from Tuesday's volume of 1,259.76 million shares.

The turnover came to 2,155.8 billion yen (19.79 billion U.S. dollars). Enditem

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