Tokyo stocks lower

24 Apr, 2018

Tokyo stocks ended lower on Monday with tech firms following losses on Wall Street, while investors digested North Korea's pledge to halt nuclear tests and intercontinental missile launches. The benchmark Nikkei 225 index dropped 0.33 percent, or 74.20 points, to close at 22,088.04 while the broader Topix index was flat, dipping 0.34 points to 1,750.79.
"Tokyo shares tracked falls on the three major indexes in the US market last week," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.
"Due to drops in tech shares in the US, (Japanese) electronics parts makers are down," he said.
Masayuki Kubota, chief strategist at Rakuten Securities, said "the North's announcement of halting nuclear tests is a plus, but we still need to be vigilant as no concrete schedule is decided."
In New York on Friday, the Dow dropped 0.8 percent, the tech-rich Nasdaq tumbled 1.3 percent with market giant Apple diving more than four percent. The broad-based S&P 500 shed 0.9 percent.
In Tokyo, chipmaker Rohm dropped 2.41 percent to 9,690 yen while electronics components maker Murata lost 1.26 percent to 14,035 yen.
Steel makers were among gainers, with Nippon Steel & Sumitomo Metal trading up 0.55 percent at 2,436 yen and its smaller rival JFE Holdings up 2.17 percent at 2,322.5 yen.
Toyota rose 0.18 percent to 6,970 yen while Suzuki sank 0.38 percent to 5,725 yen.
Drug maker Takeda climbed 1.35 percent to 4,923 yen after the Japanese drugs firm late Friday upped its takeover bid to $60.7 billion for Ireland-based Shire, which has already rejected three overtures.
The dollar fetched 107.80 yen in Asian trade, up slightly from 107.62 yen in New York late Friday.

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