AGL 38.00 Increased By ▲ 0.43 (1.14%)
AIRLINK 131.05 Decreased By ▼ -1.45 (-1.09%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.79 Increased By ▲ 0.02 (0.53%)
DCL 8.55 Decreased By ▼ -0.32 (-3.61%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 87.70 Decreased By ▼ -2.46 (-2.73%)
FCCL 34.66 Decreased By ▼ -0.42 (-1.2%)
FFBL 65.69 Decreased By ▼ -0.81 (-1.22%)
FFL 10.34 Increased By ▲ 0.19 (1.87%)
HUBC 109.02 Increased By ▲ 2.62 (2.46%)
HUMNL 14.12 Increased By ▲ 0.72 (5.37%)
KEL 4.78 Decreased By ▼ -0.08 (-1.65%)
KOSM 6.83 Decreased By ▼ -0.02 (-0.29%)
MLCF 41.35 Decreased By ▼ -0.45 (-1.08%)
NBP 59.50 Increased By ▲ 0.92 (1.57%)
OGDC 180.50 Decreased By ▼ -0.75 (-0.41%)
PAEL 25.45 Decreased By ▼ -0.25 (-0.97%)
PIBTL 5.89 Increased By ▲ 0.06 (1.03%)
PPL 145.50 Decreased By ▼ -2.90 (-1.95%)
PRL 23.16 Decreased By ▼ -0.06 (-0.26%)
PTC 15.30 Increased By ▲ 0.06 (0.39%)
SEARL 67.80 Decreased By ▼ -0.99 (-1.44%)
TELE 7.25 Increased By ▲ 0.01 (0.14%)
TOMCL 35.75 Decreased By ▼ -0.25 (-0.69%)
TPLP 7.50 Increased By ▲ 0.10 (1.35%)
TREET 14.13 Decreased By ▼ -0.11 (-0.77%)
TRG 50.49 Decreased By ▼ -0.36 (-0.71%)
UNITY 26.38 Decreased By ▼ -0.02 (-0.08%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,738 Decreased By -30.2 (-0.31%)
BR30 29,389 Decreased By -10.8 (-0.04%)
KSE100 91,769 Decreased By -169.3 (-0.18%)
KSE30 28,635 Decreased By -109.2 (-0.38%)

Tokyo stocks closed lower on Monday, hit by fears of a delay in US corporate tax cuts and selling to lock in profits after recent gains. The benchmark Nikkei 225 index lost 1.32 percent, or 300.43 points, to 22,380.99, closing down for a fourth straight day.
The broader Topix index was down 0.94 percent, or 16.95 points, to 1,783.49. US Senate Republicans last week released a tax plan that would put off promised steep corporate tax cuts for a year. Fears over the possible delay sent the Dow lower on Friday, ending eight weeks of gains that had been fuelled by robust company earnings.
The Tokyo market was hit by "uncertainty over the US tax reform", said Toshihiko Matsuno, chief strategist at SMBC Friend Securities. "Also except for major banks, the earnings season is almost over, which means most positive news is out now," Matsuno told AFP. There is also a sense of "achievement" after the Nikkei hit a quarter-century high, he said.
The bellwether index is "overheated in the short-term", said Masayuki Kubota, chief strategist at Rakuten Securities. "It is possible that it will correct its speed for now," he said in a commentary. The dollar edged down to 113.44 yen Monday from 113.50 yen in New York Friday afternoon.
In individual trading, Uniqlo clothing chain operator Fast Retailing, a market heavyweight, fell 3.05 percent to 39,410 yen. SoftBank closed down 0.29 percent at 9,676 yen after US ride-sharing company Uber announced a deal to sell a stake to a consortium led by the Japanese mobile group and Dragoneer investment group.
Major banks were lower with Mizuho down 0.83 percent at 201.3 yen before it announced a 12 percent drop in April-September net profit. Electronics firms also dropped. Panasonic fell 1.97 percent to 1,714 yen while Sony lost 1.04 percent to 5,197 yen.

Comments

Comments are closed.