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Tokyo’s Nikkei closes down nearly one percent
TOKYO, July 8, 2019 (BSS/AFP) – Tokyo’s benchmark Nikkei index lost nearly
one percent on Monday, tracking falls on Wall Street, as investors cashed in
on last week’s gains.
The Nikkei 225 index, which jumped more than 2.2 percent the previous
week, fell 0.98 percent, or 212.03 points, to close at 21,534.35, while the
broader Topix index was down 0.89 percent, or 14.18 points, at 1,578.40.
“The Tokyo market took a negative lead from New York,” said Shinichi
Yamamoto, broker at Okasan Securities in Tokyo.
US stocks retreated from records and lost ground Friday as better-than-
expected US job data clouded investors’ hopes for steep cuts in interest
rates in the world’s biggest economy.
“Profit-taking also emerged following last week’s gains,” Yamamoto told
AFP.
Geopolitical concerns were weighing on the market following news on Sunday
that Iran was set to breach the cap on its stockpile of low-enriched uranium
agreed under a nuclear deal.
The dollar fetched 108.31 yen in Asian afternoon trade, against 108.50 yen
in New York on Friday.
In Tokyo, pharmaceutical makers lost ground after President Donald Trump
said the US was working on an executive order to reduce drug prices. Daiichi-
Sankyo plunged 3.25 percent to 5,829 yen as Astellas fell 1.92 percent to
1,554.5 yen.
Shipping firms were also among losers, with Mitsui O.S.K. Lines trading
down 1.43 percent at 2,748 yen and Nippon Yusen down 0.74 percent at 1,853
yen.
Market heavyweight and Uniqlo casual wear operator Fast Retailing was off
0.24 percent at 65,410 yen ahead of the release of its earnings later this
week.
BSS/AFP/HR/1402