TOKYO: Japan’s Nikkei share average fell on Thursday, tracking declines in European stocks in the previous session, with heavyweight stocks dragging the index lower.
The Nikkei fell 0.64% to 38,324.1 by the midday break. The broader Topix lost 0.7% to 2,709.56.
The US market, which typically provides cues to the Nikkei, was closed on Wednesday for a pulbic holiday.
“There were no clear reasons for the decline, but I guess the performance of European stocks weighed on sentiment. Concerns about political uncertainties in France and other countries might have revived,” said Kentaro Hayashi, senior strategist at Daiwa Securities.
“The next cue to lift Japanese stocks will be when companies start announcing their first-quarter earnings next month.”
Uniqlo-brand owner Fast Retailing lost 1.45% to drag the Nikkei the most. Chip-equipment maker Tokyo Electron fell 0.37% and robot maker Fanuc slipped 1.2%.
The Tokyo Stock Exchange’s smaller markets rose, with the standard market rising 0.44% and the growth market up 0.74%.
The gains came after the Tokyo Stock Exchange said on Wednesday it would change the make-up of the benchmark Topix, raising speculation that companies with larger market value in those markets might be included in the Topix in the future, strategists said.
Japan’s Nikkei edges up as tech shares get Nvidia bump
Railway operator Keisei Electric Railway lost 3.58% to become the top loser on the Nikkei, followed by heavy machinery maker Kawasaki Heavy Industries, which fell 3.34%.
Isuzu Motors rose 2.41% to become the biggest gainer on the Nikkei.
Of the 225 Nikkei components, 47 stocks rose and 177 fell, with one trading flat.
Comments