Nikkei Slips from 34-year High on Sell-Off for Profit Lock (Update 1)
12:52 JST, February 9, 2024 (updated at 16:10 JST)
TOKYO, Feb 9 (Reuters) – Japan’s Nikkei index inched higher at close on Friday, coming off from a fresh 34-year high as investors sold stocks to lock in profits.
The Nikkei edged up 0.09% to 36,897.42 after jumping as much as 1.15% to 37,282,26, its highest since February 1990.
Investors wanted to sell stocks as the Nikkei reached the 37,000 milestone. The pace of the gains was too fast, said Shuji Hosoi, senior strategist at Daiwa Securities.
SoftBank Group jumped 8.72%, rising for a second straight session, after the tech investment firm returned to profit for the first time in five quarters.
The jump in shares was also driven by a more-than-55% surge in Arm Holdings, in which SoftBank owns 90%, on Thursday after the British tech company forecast quarterly sales and profit above Wall Street expectations.
Uniqlo-brand owner Fast Retailing fell 0.92%, weighing on the Nikkei the most.
The broader Topix gave up early gains to fall 0.19% to 2,557.88, weighed by Toyota Motor’s 0.81% drop.
Nissan Motor tanked 11.56% after the automaker trimmed its sales volume forecast for this financial year and amid worries about its business in China.
Of 225 shares on the Nikkei, 87 stocks rose and 136 fell with two flat.
"News Services" POPULAR ARTICLE
-
Dollar Edges Lower, Yen at 34-year Trough
-
Japan’s Nikkei Climbs 1.5% as Investors Scoop Up Beaten-Down Stocks (Update 1)
-
Japan Visitors Exceed 3 Mln in March, a Monthly Record, Tourism Agency Says
-
EU Ratchets up Pressure on TikTok’s New Rewards App over Risks to Kids, Warns of Suspension
-
Japan’s Nikkei Ends 1% Higher after Sharp Fall; Chip-Related Shares Weigh (Update 1)
JN ACCESS RANKING
- China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
- Shinkansen Services Suspended After Man ‘Searches for Phone’ on Tracks; Disruption Affects About 14,000 Passengers
- U.S. 7th Fleet officer Arrested on Suspicion of Stealing Sushi, Sashimi, Chicken at Kanagawa Shopping Mall; Suspect Caught Mid-Meal
- UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’
- JAL Airplane Experiences Radio Malfunction During Flight, Lands Safely By Relying on Light Signals