Tokyo Stocks Open Lower After Wall Street Drop

Tokyo, July 8 (UrduPoint / Pakistan Point News - 8th Jul, 2020 ) :Tokyo stocks opened lower on Wednesday, with investor sentiment hit by a downswing on Wall Street.

The benchmark Nikkei 225 index fell 0.64 percent, or 144.63 points, to 22,470.06 in early trade while the broader Topix index was down 0.43 percent or 6.81 points at 1,564.90.

"Profit-taking is likely to lead trade in Japanese stocks as sentiment has been dampened by downturns in US shares," Okasan Online Securities chief strategist Yoshihiro Ito said in a note.

Global stocks mostly fell Tuesday as fears sparked by fresh lockdowns and bad economic news prompted profit-taking after strong gains in the previous session.

On Wall Street, the tech-heavy Nasdaq finished down 0.9 percent to end a streak of three straight records.

In Tokyo stocks trade on Wednesday, IT investor SoftBank Group fell 2.29 percent to 6,048 Yen as the wildly popular video-sharing app TikTok announced it is pulling out of Hong Kong after a new security law.

TikTok is owned by China's ByteDance, in which SoftBank Group has invested.

Some automakers dropped, with Mazda down 1.81 percent at 649 yen and Suzuki off 2.16 percent at 3,752 yen.

The Dollar was trading at 107.62 yen against 107.54 yen in New York Tuesday afternoon.

mis/sah/axn