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Nikkei pulls back after hitting 29-1/2-year high

Published 07/12/2020, 04:27
Updated 07/12/2020, 04:30
© Reuters.

TOKYO, Dec 7 (Reuters) - Japan's benchmark Nikkei share
average pulled back from a more than 29-1/2-year high on Monday,
as investors chose to pocket profits amid some concerns of
overheating after five consecutive weeks of gains.
The Nikkei index .N225 fell 0.4% to 26,645.23 by the
midday break, after hitting its highest level since April 1991
of at the open. The broader Topix .TOPX lost 0.47% to
1,767.55.
Nearly two-thirds of the 33 sector sub-indexes on the Tokyo
exchange traded lower, with metal products .IMETL.T , precision
instruments .IPRCS.T and airlines .IAIRL.T leading the
decline.
Tokyo stocks opened higher, tracking positive cues from Wall
Street's Friday session, before reversing course on
profit-taking.
Major U.S. stock indexes rose to all-time highs last week as
downbeat U.S. jobs data raised expectations for a new fiscal
relief bill. .N
Back home, Prime Minister Yoshihide Suga said on Friday he
would decide on an economic stimulus package early this week,
adding that green and digital initiatives would be core to the
recovery from the coronavirus pandemic. Local stocks have been prone to profit-booking due to
persistent concerns of an overheating market, some market
participants said.
Among the Topix 30 underperformers, Shin-Etsu Chemical Co
Ltd 4063.T fell 3.43% and Hoya Corp 7741.T slipped 1.58%.
The top percentage losers in the index were Rakuten Inc
4755.T , Olympus Corp 7733.T and Sumco Corp 3436.T ,
dropping between 4.65% and 5.19%.
Among individual gainers, semiconductor stocks tracked their
U.S. peers higher, with Advantest 6857.T climbing 1.47% and
Tokyo Electron 8035.T adding more than 1.3%.
Dentsu Group Inc 4324.T inched up 0.85%, after the
Japanese advertising giant said it was expecting a smaller net
loss for the year ending in December compared to the prior year.


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