ZCZC
BCN-11
STOCKS-MARKETS-JAPAN
Tokyo stocks close lower on late profit-taking
TOKYO, April 8, 2019 (BSS/AFP) – Tokyo stocks erased early gains and
closed down on Monday as investors locked in profits following recent gains.
The benchmark Nikkei 225 index fell 0.21 percent, or 45.85 points, to
21,761.65, while the broader Topix index was down 0.35 percent, or 5.61
points, at 1,620.14.
Tokyo shares opened higher, encouraged by gains on Wall Street after
positive March US jobs data.
The Labor Department reported that the US added 196,000 net new positions
last month, well above expectations, while the jobless rate held steady at
3.8 percent.
“But profit-taking emerged in the afternoon as concerns over the US-China
trade talks grew,” Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told
AFP.
The dollar fetched 111.37 yen in Asian afternoon trade, against 111.70 yen
in New York on Friday.
“The investor focus this week is four-fold,” Hirokazu Kabeya, chief global
strategist at Daiwa Securities, said in a commentary.
“The first will be the issue of Brexit… the April 10 EU summit will be a
major climax, and if the leaders will be able to avoid a no-deal Brexit,
risks will be avoided short-term,” he said.
The second factor is Japanese corporate earnings reports to be released
from this week, he said.
The third is China’s economic indicators including trade data for March
due on Friday, and the fourth is US economic data, particularly Michigan
University’s consumer sentiment index due on Friday, Kabeya said.
In Tokyo, China-linked shares were lower with construction machine maker
Komatsu dropping 0.89 percent to 2,816 yen and industrial robot maker Fanuc
down 0.73 percent at 20,830 yen.
Nissan lost 0.82 percent to 936.3 yen after its shareholders voted to
eject Carlos Ghosn, its detained former chairman, from the board.
Market heavyweight SoftBank Group fell 0.41 percent to 10,875 yen but
Uniqlo casual wear operator Fast Retailing was up 0.38 percent at 54,770 yen.
BSS/AFP/HR/1240