Tokyo Shares Sink By Close As Firms Go Ex-dividend

TOKYO, (UrduPoint / Pakistan Point News - 28th Sep, 2016 ) - Tokyo shares closed lower Wednesday as more than half the firms on the Topix index traded without the right to a September dividend payment.

A strong Yen also hit exporters, from Toyota to Uniqlo operator Fast Retailing, while energy shares were under pressure ahead of the start of a key OPEC oil cartel meeting. Tokyo's drop followed a global rally Tuesday as Hillary Clinton was judged to have won the first presidential debate with Republican rival Donald Trump -- the Democrat is widely seen as a safer pair of hands politically and economically.

At the close, Tokyo's benchmark Nikkei 225 index was down 1.31 percent, or 218.53 points, at 16,465.40, after rallying the previous day. The broader Topix sank 1.37 percent, or 18.45 points, to 1,330.77 with nearly 1,100 of the broad index's 1,966 members going ex-dividend.

Trading on an ex-dividend basis means investors who buy shares today are not entitled to the next dividend payment. Many Japanese stocks trade ex-dividend on the same day in March and September.