Japan’s Nikkei Stock Average Reverses Course to Trade Lower on Profit-Booking (Update 1)
11:18 JST, November 7, 2024 (updated at 12:00 JST)
TOKYO (Reuters) – Japan’s Nikkei share average reversed course to trade lower on Thursday, as investors booked profits from sharp gains in the previous session.
The Nikkei was down 0.33% at 39,349.23, as of 0200 GMT, after rising 2.6% on Wednesday to a three-week closing high.
The benchmark rose as much as 1% earlier in the session, tracking Wall Street’s record close overnight after Republican Donald Trump won the 2024 U.S. presidential election.
Trump’s victory unleashed a massive rally in the dollar, drove stocks to record highs and punished bond prices.
“Nikkei’s reversal indicated that the sharp gains in the previous session were led by short-term investors who bet on a rally on Trump trades,” said Takehiko Masuzawa, trading head at Phillip Securities Japan.
“They quickly sold stocks to book profits.”
Uniqlo-brand owner Fast Retailing fell 2.52% to become the biggest drag on the Nikkei. Chip-making equipment maker Tokyo Electron lost 2.5%.
Home interior goods maker and retailer Nitori Holdings slipped 5.57%.
The broader Topix rose 0.91% to 2,740.54, with Toyota Motor up 4.27%.
Financials gained as bond yields rose, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group up 2.68% and 1.99%, respectively.
Insurer Tokio Marine Holdings gained 2.8%.
Honda Motor inched up 0.07% after falling 6.4% in the previous session.
Of the 225 Nikkei components, 155 stocks rose, 69 fell, and one traded flat.
"News Services" POPULAR ARTICLE
-
New Rules Drive Japanese Trucking Sector to the Brink
-
South Korea’s Han Kang Wins 2024 Nobel Literature Prize
-
Acemoglu, Johnson and Robinson Win 2024 Nobel Economics Prize
-
Nikkei Closes Lower as Chip Stocks Drag, Investors Focus on Earnings (Update 1)
-
G-Shock Watchmaker Casio Delays Earnings Release Due to Ransomware Attack
JN ACCESS RANKING
- Asukayama Monorail in Tokyo: Free to Ride!
- Japan Trying to Draw Digital Nomads, Who Are Seen as Beneficial to Economy, Society
- JICA Employee Suspected of Leaking Info on ODA Project in Manila; Bidding for Railway Renovation May Have Been Impacted
- G20 Sees Soft Landing for Global Economy; Leaders Pledge to Resist Protectionism as Trump Calls for Imported Goods Flat Tariff
- Japanese Automakers Team Up on Software Development; Aim to Compete with U.S., China in SDV Market