Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Japan shares slip from 30-year high on profit booking, pandemic-hit stocks rise

Published 17/02/2021, 07:55
Updated 17/02/2021, 08:00
© Reuters.

TOKYO, Feb 17 (Reuters) - Japanese shares fell on Wednesday
as investors booked profits after a recent rally drove them to a
30-year high, even as pandemic-beaten shares gained on
expectations for an economic recovery from a coronavirus-driven
slump.
The Nikkei share average edged down 0.58% to 30,292.19
.N225 from Tuesday's high of 30,714.52, a peak since August
1990.
The broader Topix .TOPX slipped 0.18% to 1,961.49, a day
after scaling its highest since June 1991.
"Investors are selling stocks for profit booking today. The
market is taking a pause from a rising momentum," said Masahiro
Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset
Management.
"Shares that were beaten down amid the pandemic are being
bought as rising interest rates in the U.S. and Japan indicates
an economic recovery. Rollouts of COVID-19 vaccines in Japan is
another positive factor."
Chip and electronics shares led losses in Nikkei, with TDK
6762.T down 3.23%, Yaskawa Electric 6506.T losing 3.23% and
Tokyo Electron 8035.T shedding 2.2%.
The declines followed a drop overnight in U.S. technology
stocks .SPLRCT .
Bridgestone 5108.T fell 4.13% after the tire maker posted
its first annual net loss in 69 years due to impairment and
restructuring costs, following the pandemic. Shares whose valuations had shot up after a recent rally
also took a hit, with M3 2413.T falling 3.88% and Keyence
6861.T losing 1.09%.
On the other hand, travel- and leisure-related shares did
well after Japan launched its COVID-19 inoculation drive on
Wednesday. ANA Holdings 9202.T jumped 4.19% while Japan Airlines
9201.T rose 4.21%. Central Japan Railway 9022.T , which runs
bullet trains connecting Tokyo and Osaka, rose 2.52%.
Oriental Land 4661.T , the operator of Tokyo Disney Resort,
rose 3.41%.
Shipping firms Kawasaki Kisen 9107.T jumped 5.69% and
Mitsui OSK Lines 9104.T gained 4.45%.



Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.