AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

TOKYO: Japan’s Nikkei share average gave up most of its morning gains during the afternoon session to close below the key 27,000 level on Monday, as investors fretted about the outlook for China’s economy. Japan’s stock benchmark ended the day up 0.31% at 26,974.90.

Of the benchmark’s 225 components, 133 rose versus 88 that fell, with four flat. The broader Topix rose 0.28% to 1,887.19.

The Nikkei had started the day brightly, entering the lunch break 1% higher, buoyed by optimism about a slightly less hawkish US Federal Reserve and the potential for a weaker yen to boost earnings as the corporate reporting season picks up pace this week.

However, focus turned increasingly to China amid a deepening selloff in Hong Kong and mainland equities after Chinese President Xi Jinping chose a leadership team at the twice-a-decade Communist Party Congress that suggested a focus on ideology-driven policies, sacrificing economic growth.

That includes the controversial zero-COVID policy, along with the “common prosperity” initiatives that led to the collapse of the property market and the humbling of China’s tech giants.

Tokyo stocks end lower on inflation worries

“That should at least slow the pace of a rebound in the Chinese economy,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management. “To the extent that we need to be wary about downside risks for Chinese growth, this will not be helpful to investor sentiment in Japan.”

Real estate was the worst performing sector in the Nikkei, tumbling 2.12%. J.Front Retailing was the biggest decliner, down 3.72%, followed by a 3.56% loss for department store operator Isetan Mitsukoshi Holdings and a 3.28% drop for peer Takashimaya. Mitsubishi Estate was next, losing 2.6%.

Startup investor SoftBank Group, which is heavily invested in Chinese tech companies, ended 0.43% lower after rising as much as 3.8% earlier in the day. Chip-related companies finished with most of their strong early gains intact.

Comments

Comments are closed.