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Tokyo stocks close down on concerns over US-China row
TOKYO, Nov 28, 2019 (BSS/AFP) – Tokyo stocks fell Thursday on profit-
taking as Donald Trump’s decision to sign a bill supporting Hong Kong’s
rights cast doubts over the US-China trade deal.
The benchmark Nikkei 225 index lost 0.12 percent, or 28.63 points, to
close at 23,409.14, snapping a four-day winning streak. The broader Topix
index declined 0.17 percent, or 2.92 points, to 1,708.06.
Japanese shares opened higher, tracking another record lead from New York
in response to better-than-expected US economic growth data.
But profit-taking emerged as China threatened to retaliate after Trump
signed legislation supporting Hong Kong pro-democracy protesters, just as the
world’s top two economies edge towards a trade truce.
“Investors locked in profits as sentiment was dampened by Trump’s decision
to sign the legislation,” said Toshikazu Horiuchi, a broker at IwaiCosmo
Securities.
“Many investors were on the sidelines as fresh news on the US-China issue
are unlikely to come for now due to a US holiday,” Horiuchi told AFP.
The dollar fetched 109.47 yen in Asia afternoon trade against 109.55 yen
in New York.
In Tokyo, China-related stocks fell. Construction machine maker Komatsu
lost 0.92 percent to 2,566 yen with electric parts maker Rohm down 0.21
percent at 9,280 yen.
Japan Display plunged 4.22 percent to 68 yen after the firm said it had
started an investigation into alleged improper accounting.
Panasonic jumped 2.82 percent to 1,009 yen after a report said it plans to
sell its loss-making chip business to a Taiwanese company.
BSS/AFP/HR/1330