Tokyo Shares Close Lower On Profit-taking

Tokyo stocks shed early gains to close lower on profit-taking on Monday, as investors sought fresh direction after the Easter break in the United States

Tokyo, (UrduPoint / Pakistan Point News - 1st Apr, 2024) Tokyo stocks shed early gains to close lower on profit-taking on Monday, as investors sought fresh direction after the Easter break in the United States.

The benchmark Nikkei 225 index fell 1.40 percent, or 566.35 points, to end at 39,803.09, while the broader Topix index dropped 1.71 percent, or 47.40 points, to 2,721.22.

Before the opening bell, the Bank of Japan's Tankan poll showed that business confidence among large manufacturers slipped in March -- the first decline in the past four quarters, although it was slightly higher than market expectations.

The Tankan survey "showed that confidence among Japan's largest manufacturers slipped, but it wasn't seen as bad news as it had already been factored in", IwaiCosmo Securities said.

"However, there was not much buying as many overseas investors were on Easter holidays," the brokerage added.

Wall Street was closed for Easter holidays on Friday, and European markets on Friday and Monday.

The dollar traded at 151.30 yen against 151.40 yen on Friday.

Semiconductor shares closed lower on Monday, with Tokyo Electron dropping 3.21 percent to 38,300 yen and Advantest plunging 4.96 percent to 6,481 yen.

Toyota tumbled 4.03 percent to 3,639 yen and Honda lost 2.14 percent to 1,850 yen.