Tokyo Shares Open Lower After US Falls

Sumaira FH Published March 26, 2024 | 05:49 PM

Tokyo stocks opened lower on Tuesday following losses on Wall Street as investors locked in profit after recent gains

Tokyo, (UrduPoint / Pakistan Point News - 26th Mar, 2024) Tokyo stocks opened lower on Tuesday following losses on Wall Street as investors locked in profit after recent gains.

The benchmark Nikkei 225 index fell 0.13 percent or 53.45 points to 40,360.67 in early trade, while the broader Topix index eased 0.25 percent, or 6.92 points, to 2,770.72.

Share prices remained soft as global investors waited for fresh market-moving news, with an eye on US inflation data, analysts said.

But the Nikkei index was seen trimming losses and zigzagged into positive territory in early trade.

"After a strong performance last week, investors may be taking a hiatus and possibly enjoying the spring break," said Stephen Innes of SPI Asset Management.

"Others are adopting a wait-and-see approach for the next bullish catalyst, such as a favourable outcome from the Fed's preferred inflation gauge," he added.

Rodrigo Catril of National Australia Bank said that "investors are seemingly taking a cautious approach ahead of the personal consumption expenditures price index which is due for release on Good Friday with Fed Chair (Jerome) Powell also due to speak on that day.

The dollar stood at 151.36 yen, slightly down from 151.42 yen in New York.

Among major shares, Nissan dropped 4.52 percent to 600 yen after the automaker announced a new business plan aimed at increasing sales volumes while lowering cost.

Heavily weighted Uniqlo-brand operator Fast Retailing was down 0.53 percent to 46,880 yen.

Toyota was down 0.16 percent to 3,824 yen. Mitsubishi UFJ Financial Group was also off 0.25 percent to 1,576.5 yen.

Some tech shares advanced. Tokyo Electron, which makes tools to build semiconductors, added 1.34 percent to 39,240 yen. Advantest rose 0.86 percent to 6,789 yen.

Tech startup investor SoftBank Group added 0.47 percent to 9,225 yen, and Nintendo added 0.35 percent to 8,328 yen.