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Tokyo stocks end lower over profit taking

0 Comment(s)Print E-mail Xinhua, July 8, 2024
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TOKYO, July 8 (Xinhua) -- Tokyo stocks ended lower on Monday as investors took action to lock in gains although the Nikkei index briefly refreshed its intra-day high.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 131.67 points, or 0.32 percent, from Friday to close the day at 40,780.70, following an intra-day high of 41,112.24.

The broader Topix index, meanwhile, finished 16.57 points, or 0.57 percent, lower at 2,867.61.

Market watchers here noted that the decline in the stock market came after the Nikkei surged over 2,300 points, or 6 percent, over the past two weeks, triggering profit-taking moves among investors.

The selling came despite the benchmark index's brief intraday high in the early afternoon, driven by gains in technology issues and some Nikkei heavyweights over expectations for a U.S. interest rate cut in September.

On the top-tier Prime Market, decliners were led by marine transportation, electric power and gas, and insurance issues.

Issues that declined outpaced those that increased by 1,098 to 493, while 54 ended the day unchanged. Enditem

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