April 19, 2021

Tokyo stocks close lower on profit-taking

photo Toyo stocks

TOKYO, JAPAN – Tokyo stocks closed lower on Monday, snapping a four-day winning streak, as investors locked in profits from recent rises.

The Nikkei 225 was down 0.79 percent, or 211.09 points, to end at 26,433.62, while the broader Topix index fell 1.77 percent, or 31.60 points, to 1,754.92.

The Nikkei index had opened higher, maintaining the momentum of global rallies fuelled by robust risk appetite among foreign investors, and optimism over the development of coronavirus vaccines.

But it was “weighed down by profit-taking” because of “cautious sentiment after the rallies”, Okasan Online Securities said in a commentary.

A recent stream of positive vaccine news has brightened outlooks among global players, along with easing post-election political drama in the US.

manufacturing

“The global economy should be in a much better place in 2021,” Stephen Innes, chief global markets strategist at AxiCorp, said in a note.

“Still, the pandemic’s resurgence will likely keep things choppy in 1Q21 before vaccine distributions brighten the outlook over the balance of the year,” he said.

This week, investors will be eyeing key US data including the ISM manufacturing index and jobs figures.

Canon sank

In Tokyo trading, automakers were lower with Toyota dropping 3.48 percent to 6,999 yen and Honda tumbling 3.54 percent to 2,871.5 yen.

Sony lost 1.10 percent to 9,704 yen, while Panasonic slid 0.84 percent to 1,112.5 yen and Canon sank 3.63 percent to 1,853.5 yen.

SoftBank Group climbed 0.30 percent to 7,272 yen while Uniqlo casual wear operator Fast Retailing jumped 2.15 percent to 85,940 yen.

The dollar stood at 103.86 yen in Asian trade, against 104.03 yen in New York on Friday.

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© Agence France-Presse

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