Tokyo Shares Open Lower

Tokyo shares opened lower on Wednesday after Wall Street stocks ended mostly down as US economic data and corporate earnings hit sentiment

Tokyo, (UrduPoint / Pakistan Point News - 2nd Aug, 2023 ):Tokyo shares opened lower on Wednesday after Wall Street stocks ended mostly down as US economic data and corporate earnings hit sentiment.

The benchmark Nikkei 225 index dropped 1.10 percent, or 369.86 points, to 33,106.72, while the broader Topix index fell 0.90 percent, or 21.01 points, to 2,316.35.

"The Japanese market is expected to start on a softer note as US stocks were mixed, making it difficult to find new buying opportunities," online brokerage Monex said in a note.

On Tuesday, the broad-based S&P 500 shed 0.3 percent while the Nasdaq Composite Index fell 0.4 percent.

The Dow Jones Industrial Average gained 0.2 percent.

Shares in major US companies moved in opposite directions after earnings reports, with Caterpillar surging and Uber retreating.

In Tokyo trading, the market was weighed down by semiconductor-linked shares.

Tokyo Electron, which makes tools to build semiconductors, dropped 2.01 percent to 21,405 yen while Advantest, which makes tests for semiconductors, plunged 2.49 percent to 19,805 yen.

Market heavyweight SoftBank Group lost 1.48 percent to 7,143 yen while Uniqlo operator Fast Retailing tanked 2.45 percent to 35,050 yen.

Toyota added 0.94 percent to 2,468.5 yen, adding to gains on Tuesday after the auto giant said its first-quarter net profit surged 78 percent.

The dollar fetched 143.03 yen in early Asian trade, against 143.34 yen in New York on Tuesday.