Tokyo Shares Close Lower

Tokyo stocks gave up early gains and fell on Wednesday despite Wall Street rallies, as the market was weighed down by losses of bank and steel shares

Tokyo, (UrduPoint / Pakistan Point News - 8th Nov, 2023) Tokyo stocks gave up early gains and fell on Wednesday despite Wall Street rallies, as the market was weighed down by losses of bank and steel shares.

The benchmark Nikkei 225 index fell 0.33 percent, or 105.34 points, to end at 32,166.48, while the broader Topix index lost 1.16 percent, or 26.96 points, to 2,305.95.

After starting with gains helped by rallies on Wall Street, "relatively cheaper shares (that investors had earlier sought in bargain-hunting) such as banks, steels and shipping declined" in later trade, weighing on the market, said Iwai Cosmo Securities.

Investors were also watching corporate earnings reports being released this week, analysts said.

The dollar fetched 150.67 yen in Asian trade, against 150.38 yen in New York late Tuesday.

Among major shares in Tokyo, Nintendo surged 6.

09 percent to 6,774 yen after it hiked its forecasts and announced it was making a live-action movie of its hit game "The Legend of Zelda".

Pharmaceutical firm Eisai rose 3.79 percent to 8,043 yen after it reportedly said it was aiming for sales of its Alzheimer's drug Leqembi in the 10 billion yen level ($66.4 million) in the fiscal year to March 2024.

Minicar specialist Suzuki jumped 3.16 percent to 6,211 yen after it revised up full-year sales and profit forecasts.

Mazda soared 10.39 percent to 1,663 yen after the carmaker revised up its full-year forecasts.

Their bigger rival Toyota ended down 2.65 percent at 2,757 yen.

Shipping firm Mitsui O.S.K. Lines declined 2.85 percent to 3,710 yen. Nippon Steel dropped 3.68 percent to 3,164 yen. Mega bank Mizuho Financial Group dived 5.85 percent to 2,375.5 yen.