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Tokyo shares end flat ahead of US data
TOKYO, Aug 30, 2018 (BSS/AFP) – Tokyo stocks ended flat Thursday, trimming
earlier gains as investors locked in profits ahead of new data on the US
economy.
The benchmark Nikkei 225 index was up 0.09 percent, or 21.28 points, at
22,869.50, while the broader Topix index was down 0.03 percent, or 0.46
points, at 1,739.14.
The Tokyo market began the day on solid ground on the back of overnight
gains on Wall Street, lifted by hopes the US and Canada would make progress
on rewriting the North American Free Trade Agreement.
The yen’s weakness against the dollar also encouraged investors in early
trade.
But players became wary of the Tokyo market overheating.
“After the initial round of buy orders, profit-taking came in to slow the
market’s momentum, and made the trade top heavy,” Okasan Online Securities
said in a note to clients.
Softer Shanghai shares for the day also cooled investor spirits in the
afternoon, prompting many players to take a wait-and-see stance, it added.
Investors are turning their attention to the release of US data, including
personal consumption expenditures.
“Toward the end of the session, the Tokyo market moved in a very narrow
range, as investors awaited the release of US indicators,” Okasan said.
The dollar stood at 111.69 yen in Asian trade, nearly unchanged from
111.68 yen in New York but higher than 111.16 yen in Tokyo on Wednesday.
Among major shares, Nintendo rose 1.94 percent to 39,990 yen. Uniqlo-
operator Fast Retailing added 0.76 percent to 51,440 yen.
But Honda lost 1.15 percent to 3,356 yen and Toyota dropped 0.95 percent
to 7,003 yen.
BSS/AFP/HR/1315