Tuesday, March 9, 2021

Japanese stocks are down 0.7% at the end on profit taking

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Japanese stocks fell on Friday, as pre-weekend profit-taking outperformed optimism about a general economic recovery, yet it made gains for the third week in a row.

The Nikkei fell 0.72 percent to 30,017.92 points, further moving away from its 30-year-and-a-half high of 30,714.52 points it touched on Monday. But the index managed to finish the week, up by 1.69%.

The broader Topix index fell 0.67 percent to 1,928.95 points, and fell 0.25 percent for the week.

“Given that the rally was so fast, we are seeing a kind of correction,” said Hideyuki Ishiguro, chief strategist at Daiwa Securities, adding that the Nikkei’s decline was in line with global equity declines.

Fast Retailer, the Nikkei’s highest weight, fell 2.4 percent, erasing early gains as investors sold the stock to take profits, after rising nearly 10 percent this week.

Online brokerage Monex plunged 10.4 percent after rising to more than a double since the start of the month by Thursday.

Some travel companies’ shares also declined, after gains made earlier this week after the start of a COVID-19 vaccination campaign in Japan.

ANA Holdings was down 3.9 percent, while Japan Airlines (Japan Airlines) was down 3.7 percent. Central Japan Railways lost 3.7 percent.

But some tech companies bucked the trend, with condensate maker Taiyo Yuden gaining 3.4 percent.

Toyota Buschoco shares rose 1.7 percent after the company said that Toyota Motor had sold part of its stake in the company, in a move aimed at increasing the free float shares and enabling the company to be listed in the upper class of the Tokyo Stock Exchange in a general amendment in 2022.

The article Japanese stocks are down 0.7% at the end due to profit taking, reported in the Stock Exchange newspaper.

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Japanese stocks are down 0.7% at the end on profit taking