Tokyo stocks open lower on profit-taking after bull run

(Kazuhiro Nogi, AFP)
(Kazuhiro Nogi, AFP)

Tokyo - Tokyo stocks opened lower on Tuesday despite hefty gains on Wall Street, as investors sought to lock in profits after seven days of gains on the Japanese market.

The benchmark Nikkei 225 index was down 0.11% or 25.68 points at 22 549.08 in early trade, while the broader Topix index fell 0.20% or 3.42 points to 1 685.63.

"Positive sentiment following rallies in US shares are seen outweighed by sales on profit-taking by investors" as there is nothing surprising in US rallies on a detente in the US-China trade war over the weekend, Okasan Online Securities said in a commentary.

The dollar fetched ¥113.58 in Asian trade against ¥113.69 in New York.

Takeda Pharmaceutical was down 0.63% at ¥4 203 ahead of an extraordinary shareholders meeting on Wednesday as a group of rebel investors is reportedly trying to thwart a deal with Shire.

Sharp was down 0.34% at ¥1 720 after activist groups criticised it for allowing its subcontractors to cut some 2 900 foreign workers at a factory in Japan.

Marine transportation company Mitsui O.S.K. Lines was up 1.00% at ¥2 748 after a brokerage firm upgraded its estimates on the shares.

On Wall Street, the Dow ended up 1.1% at 25 826.43.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
ZAR/USD
17.35
(+0.20)
ZAR/GBP
22.73
(+0.11)
ZAR/EUR
20.56
(+0.07)
ZAR/AUD
12.46
(-0.06)
ZAR/JPY
0.16
(-0.11)
Gold
1943.35
(-0.68)
Silver
26.38
(-3.85)
Platinum
943.00
(-1.66)
Brent Crude
45.01
(-1.03)
Palladium
2109.00
(-2.75)
All Share
57077.48
(-0.60)
Top 40
52737.48
(-0.65)
Financial 15
10156.41
(-0.69)
Industrial 25
75107.47
(-0.84)
Resource 10
58926.78
(-0.40)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1004 votes
It depends on how the funds are used.
74% - 6748 votes
No. We should have gotten the loan elsewhere.
15% - 1417 votes
Vote