Japan's Nikkei surrenders early gains as investors lock in profits

Kyocera

27/11/2023 02:55

TOKYO, Nov 27 (Reuters) - Japan's Nikkei share average
gave up early gains to trade lower on Monday as investors sold
stocks to lock profits in a directionless trade after a U.S.
holiday shortened-session over the weekend. 
    The Nikkei index  .N225  was down 0.43% at 33,479.71 by the
midday break after opening higher and rising as much 0.6%. 
    The broader Topix  .TOPX  had fallen 0.39% to 2,381.63.
    "The market opened higher but reversed course because
investors tried to book their profits," said Shoichi Arisawa,
general manager of the investment research department at
IwaiCosmo Securities. 
    "The market showed no clear direction as trading seemed to
be thin after the U.S. holiday and also there were almost no
market moving cues. But weak U.S. futures in the current session
weighed on sentiment." 
    U.S. stocks ended little changed in holiday-shortened
trading on Friday, with low volume and conviction, as investors
watched the start of the seasonal shopping season for signs of
consumer resilience.  .N 
    Technology investor SoftBank Group  9984.T  fell 1.94% to
drag the Nikkei the most. Ceramics maker Kyocera  6971.T  fell
1.79%.
    Mitsubishi Heavy Industries  7011.T  slipped 5.09% to become
the worst performer in terms of percentage on the Nikkei. 
    Taisho Pharmaceutical  4581.T  was untraded with a glut of
buy orders as the drug maker announced a management buyout at
8,620 yen per share, which would take the company private.
    The stock was quoted at its daily upper price limit of
6,546 yen by the midday break. 
    Television maker Sharp  6753.T  rose 2.85% to become the top
percentage performer on the Nikkei. 
    Shippers  .ISHIP.T  rose 1.36% to become the top performer
among the 33 industry sub-indexes on the Tokyo Stock Exchange. 

 (Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)
 ((junko.fujita@thomsonreuters.com;))