Japanese shares end lower on profit-booking, drugmakers limit losses
31/05/2021 07:39
TOKYO, May 31 (Reuters) - Japanese shares closed lower on
Monday, as investors locked in gains after a recent rally,
although the losses were limited by a positive finish from local
drugmakers.
The Nikkei share average .N225 ended 0.99% lower at
28,860.08, while the broader Topix .TOPX fell 1.26% to
1,922.98.
The Nikkei had jumped 2.1% on Friday to close at the
29,000-level for the first time since May 10, while Wall Street
finished with marginal gains. .N
"There aren't any reasons to buy Japanese stocks at the
moment except that the vaccine rollouts are proceeding well.
That is helping cap the declines in the session," said Yutaka
Miura, senior technical analyst at Mizuho Securities.
Japan started its inoculation drive in mid-February, later
than most major economies, and has been racing to vaccinate most
of its elderly population before the start of the Tokyo Olympics
on July 23.
Index heavyweights Fast Retailing 9983.T and SoftBank
Group 9984.T weighed on the Nikkei, after slipping 0.73% and
1.57%, respectively.
Renesas Electronics Corp 6723.T sank 5.51% after the
chipmaker announced a sale of about $2 billion shares to help it
fund its planned $6 billion purchase of Dialog Semiconductor
DLGS.DE . urn:newsml:reuters.com:*:nL2N2NF0EU
Drugmakers advanced, with Astellas Pharma 4503.T jumping
2.1% and Chugai Pharmaceutical 4519.T gaining 0.45%.
Astellas was the largest percentage gainer on the Nikkei,
followed by Advantest 6857.T gaining 2.06% and Yaskawa
Electric 6506.T up 1.34%.
The largest percentage loser on the index was NTN 6472.T
down 4.95%, followed by Fukuoka Financial Group 8354.T , losing
4.71% and Shinsei Bank 8303.T down 4.01%.
There were 16 advancers on the index against 206 decliners.
(Reportingi by Junko Fujita, Editing by Sherry Jacob-Phillips
and Uttaresh.V)
((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))