Nikkei trades lower as investors book profits, yen rebound weighs
28/11/2023 03:19
TOKYO, Nov 28 (Reuters) - Japan's Nikkei share average
traded lower on Tuesday as investors sold stocks to lock in
profits from recent gains, with the yen's rebound against the
dollar further weighing on sentiment.
The Nikkei .N225 was down 0.23% at 33,370.40 by the midday
break after opening 0.22% higher.
"The Nikkei failed to end higher than its highest closing
level in three decades scaled on July 3 three times recently,"
said Jun Morita, general manager of the research department at
Chibagin Asset Management.
"Under these conditions, short-term investors wanted to sell
stocks to book profits for now."
The index on Nov. 20 hit its highest level since March 1990
and it has been close to that level in two sessions since then.
However, none of these sessions closed higher than the close
on July 3.
The broader Topix .TOPX was down 0.45% at 2,371.13, with
Toyota Motor 7203.T falling 1.03% to drag the index lower.
Seiichi Suzuki, chief equity market analyst at Tokai
Tokyo Research Institute, said sentiment was also hurt by a rise
in the yen, which prompted a sell-off.
The yen JPY=EBS held around 148.10 as the U.S. dollar
ticked down to a three-month low against peers on Tuesday after
slipping overnight on weaker-than-expected new home sales data.
FRX/
The owner of Uniqlo's brand shop operator rose 1.48% and
technology investor SoftBank Group 9984.T gained 0.28%.
Furniture and home goods shop operator Nitori Holdings 9843.T
rose 2.05%.
Taisho Pharmaceutical 4581.T has not traded yet due to a
glut of buy orders, after surging to its daily limit high in the
previous session.
The drugmaker last week 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 7,545 yen by
the midday break.
Trading firm Sojitz 2768.T surged 7.15% to become the top
performer on the Nikkei.
Television maker Sharp 6753.T lost 7.93% and was the worst
performer on the index.
(Reporting by Junko Fujita; Editing by Sonia Cheema)
((junko.fujita@thomsonreuters.com;))