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Markets

Tokyo shares plunge after Wall Street slip

  • But some blue-chip shares managed to gain. Nintendo rose 1.23 percent to 62,590 yen. Sony Group added 0.97 percent to 10,420 yen.
Published May 19, 2021

TOKYO: Tokyo shares closed lower on Wednesday, tracking falls on Wall Street as weak housing start data fuelled inflation fears.

The benchmark Nikkei 225 index lost 1.28 percent or 362.39 points to 28,044.45, while the broader Topix index dropped 0.66 percent or 12.50 points at 1,895.24.

A broad range of shares headed south as investors took a cautious approach after seeing US shares fall, analysts said, with market players also profit-taking after sharp gains in Tokyo on Tuesday.

Wall Street shares slipped on weaker-than-expected housing start data, as it sparked concern that inflation could have a negative effect on the world's largest economy.

"But, once the initial round of selling subsided, moves for further selling receded. Some moves for dip-buying were also seen when the Nikkei dipped below the 28,000 level," SMBC Nikko said.

The dollar stood at 108.92 yen, nearly flat from 108.91 yen in New York late Tuesday.

Among major shares, Toyota dropped 1.36 percent to 8,699 yen. Uniqlo operator Fast Retailing gave up 3.13 percent to 86,150 yen.

Internet investor SoftBank Group fell 2.05 percent to 8,470 yen. Industrial robot maker Fanuc fell 0.97 percent to 25,010 yen.

But some blue-chip shares managed to gain. Nintendo rose 1.23 percent to 62,590 yen. Sony Group added 0.97 percent to 10,420 yen.

Maritime logistics companies also firmed. Industry leader Nippon Yusen added 0.34 percent to 4,430 yen.

Its smaller rival Kawasaki Kisen rose 0.87 percent to 2,789 yen.

Gains in the financial sector included Mitsubishi UFJ Financial Group, which rose 1.24 percent to 634.4 yen. Mizuho Financial Group added 0.89 percent to 1,700 yen.

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