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Japan stocks fall as investors pocket gains from a year-long rally

Published 02/03/2021, 03:47
Updated 02/03/2021, 03:48
© Reuters.

By Stanley White
TOKYO, March 2 (Reuters) - Japanese stocks fell on Tuesday,
giving up early gains as some investors booked profits on
defensive energy and utility shares before the end of the fiscal
year this month.
The Nikkei 225 Index .N225 fell 0.22% to 29,598.56 by 0153
GMT, while the broader Topix .TOPX declined by 0.46% to
1,893.64.
The benchmark Nikkei jumped 2.4% on Monday as signs of a
massive sell-off in U.S. Treasuries coming to an end gave a
boost to riskier assets, but equity gains quickly fizzled out on
Tuesday.
Japanese investors will close their books as their fiscal
year ends on the last day of March and many market participants
are looking to take profits on the Nikkei's 87% rally in the
past year to a more than three-decade high.
"I don't expect stocks to enter a downtrend, but we have
risen so far that it will take at least a month for the markets
to consolidate," said Kiyoshi Ishigane, chief fund manager at
Mitsubishi UFJ Kokusai Asset Management Co.
"The Nikkei could move sideways this month because it is
right before the end of the fiscal year, but it is possible
markets will break out next month."
The largest percentage decliners in Nikkei were Z Holdings
Corp 4689.T down 4.29%, followed by Mitsui OSK Lines Ltd
9104.T losing 3.59% and Pacific Metals Co Ltd 5541.T down by
3.47%.
The largest percentage gainers were Tokai Carbon Co Ltd
5301.T up 4.06%, followed by Haseko Corp 1808.T gaining
2.65%, and Hitachi Zosen Corp 7004.T up by 2.65%.
There were 66 advancers on the Nikkei index against 153
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.55 billion, compared to the average of
1.33 billion in the past 30 days.

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