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Markets

Tokyo stocks open lower on profit-taking

TOKYO: Tokyo stocks opened lower on Friday on profit-taking, snapping a three-day winning streak after US stocks retreat

Jul 26 2019

TOKYO: Tokyo stocks opened lower on Friday on profit-taking, snapping a three-day winning streak after US stocks retreated from record highs.

The benchmark Nikkei 225 index was down 0.25 percent or 53.44 points at 21,703.11 in early trade, while the broader Topix index was down 0.28 percent or 4.45 points at 1,573.40.

"Ahead of the weekend, some profit-taking sales are seen," Okasan Online Securities said in a commentary, adding that the "temporary fall" is "a chance to buy on dips in individual shares that have strong earnings reports".

The dollar fetched 108.69 yen in early Asian trade, against 108.66 yen in New York late Thursday.

"The market's downside will be limited thanks to a cheaper yen and the resumption of the US-China trade talks planned for next week," Mizuho Securities said in a note to clients.

Investors are somewhat cautious ahead of Japanese and US central banker meetings next week, it added.

In Tokyo, SoftBank Group was up 0.57 percent at 5,636 yen after it announced a new $108-billion investment fund, the long-mooted successor to its blockbuster Vision Fund.

Nissan was down 2.58 percent at 745.8 yen after it announced a plunge in quarterly net profit and the shedding of 12,500 jobs.

Toyota was down 0.72 percent at 7,170 yen and Honda was down 1.63 percent at 2,796.5 yen.

Chip-testing equipment maker Advantest slipped 0.72 percent to 4,130 yen after a 20.23 percent surge in the previous session, while chip-making equipment manufacturer Tokyo Electron was down 1.48 percent at 18,275 yen.

On Wall Street, the Dow ended down 0.5 percent at 27,140.98, while the S&P and the Nasdaq also closed down after both indexes hit fresh records in the previous session.

Copyright AFP (Agence France-Press), 2019