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STOCKS-MARKETS-JAPAN-OPEN-LEAD
Tokyo stocks open lower on profit-taking after bull run
TOKYO, Dec 4, 2018 (BSS/AFP) – Tokyo stocks opened lower on Tuesday
despite hefty gains on Wall Street, as investors sought to lock in profits
after seven days of gains on the Japanese market.
The benchmark Nikkei 225 index was down 0.11 percent or 25.68 points at
22,549.08 in early trade, while the broader Topix index fell 0.20 percent or
3.42 points to 1,685.63.
“Positive sentiment following rallies in US shares are seen outweighed by
sales on profit-taking by investors” as there is nothing surprising in US
rallies on a detente in the US-China trade war over the weekend, Okasan
Online Securities said in a commentary.
The dollar fetched 113.58 yen in Asian trade against 113.69 yen in New
York.
Takeda Pharmaceutical was down 0.63 percent at 4,203 yen ahead of an
extraordinary shareholders meeting on Wednesday as a group of rebel investors
is reportedly trying to thwart a deal with Shire.
Sharp was down 0.34 percent at 1,720 yen after activist groups criticised
it for allowing its subcontractors to cut some 2,900 foreign workers at a
factory in Japan.
Marine transportation company Mitsui O.S.K. Lines was up 1.00 percent at
2,748 yen after a brokerage firm upgraded its estimates on the shares.
On Wall Street, the Dow ended up 1.1 percent at 25,826.43.
BSS/AFP/MR/ 1230 hrs