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Friday, March 29, 2024

Tokyo stocks open lower on profit-taking

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Tokyo stocks opened lower on Monday as investors sought to lock in profits following recent rallies, with losses on Wall Street also weighing on the market.

The benchmark Nikkei 225 index was down 0.13 percent, or 40.25 points, at 30,341.59 in early trade, while the broader Topix index slipped 0.44 percent, or 9.13 points, to 2,082.52.

In addition to falls on Wall Street, "a sense of overheating in the market is prompting sell orders on profit-taking," senior market analyst Toshiyuki Kanayama of Monex said in a commentary.

Japanese shares performed well last week, boosted by hopes of new fiscal stimulus ahead of the ruling Liberal Democratic Party's September 29 vote for a new leader and the likely next prime minister.

Looking ahead, investors are watching the US consumer price index due on Tuesday, US retail sales data expected Thursday, and China's August activity readings due on Wednesday, among other global events, strategist Rodrigo Catril of National Australia Bank said in a note.

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The dollar fetched 109.96 yen in early Asian trade, against 109.93 yen in New York late Friday.

In Tokyo, Toyota was down 2.07 percent at 9,753 yen after the auto giant said it cut its full-year global production forecast by 300,000 units.

Its smaller rivals were also lower, with Honda trading down 1.95 percent at 3,364 yen and Nissan off 0.68 percent at 567.7 yen.

Shinsei Bank soared 12.70 percent to 1,961 yen after weekend reports on online banking firm SBI Holdings' tender offer.

SBI was trading off 2.75 percent at 2,937 yen.

On Wall Street, the Dow ended down 0.8 percent to 34,607.72 on renewed worries about a slowing recovery and rising prices.

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