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Markets

Tokyo stocks close down on profit-taking

  • The dollar fetched 105.15 yen in Asian trade, against 105.03 yen in New York late Wednesday.
Published February 4, 2021

TOKYO: Tokyo stocks closed lower Thursday as investors locked in profits particularly in the tech sector, but sound earnings led by Sony supported individual shares.

The benchmark Nikkei 225 index lost 1.06 percent, or 304.55 points, to 28,341.95, while the broader Topix index fell 0.32 percent, or 5.97 points, to 1,865.12.

"Profit-taking hit the market as tech stocks faced strong selling pressure," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"We need fresh trading factors to see the Nikkei gain to the 30,000 mark," Horiuchi told AFP.

But senior strategist Yoshihiro Ito of Okasan Online Securities said in a commentary: "Brisk corporate performances are supporting (some) share prices."

The dollar fetched 105.15 yen in Asian trade, against 105.03 yen in New York late Wednesday.

Tech shares were among the losers. Industrial robot maker Fanuc plunged 3.25 percent to 27,305 yen after three days of rallies as chip-making equipment manufacturer Tokyo Electron lost 2.59 percent to 39,770 yen.

But Sony soared 9.54 percent to 11,650 yen after it revised up full-year sales and profit forecasts with fresh virus lockdowns driving demand for the recently released PlayStation 5.

Hitachi jumped 4.71 percent to 4,776 yen after it raised its full-year operating profit forecast.

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