Tokyo Shares Open Lower On Wall Street Falls

(@FahadShabbir)

Tokyo shares open lower on Wall Street falls

Tokyo, Sept 11 (UrduPoint / Pakistan Point News - 11th Sep, 2020 ) :Tokyo shares opened lower Friday following slips on Wall Street as investors searched for fresh cues to return to buying.

The benchmark Nikkei 225 index fell 0.19 percent, or 45.10 points, to 23,190.37, while the broader Topix index lost 0.16 percent, or 2.59 points, to 1,622.27.

"Tokyo shares are expected to have a soft start in early trade after falls of US shares overnight," Okasan Online Securities said in a note.

"Ahead of a weekend, we expect the market is unlikely to see lots of bargain hunters." Investors dumped shares on disappointment after US lawmakers failed to pass a relief package while US jobless claims remained high.

"(US) tech shares, which were going through a brief breather, were hardest hit, with GAFAM and other major shares all falling," Okasan said, referring to the leading tech giants such as Amazon, Apple, Google-parent Alphabet, Facebook and microsoft.

Still, technical charts for the Tokyo market suggested massive selloffs were unlikely with the Nikkei enjoying solid support around 23,167, the brokerage said.

But the index was likely to stay within the current range with no cues to encourage further buying, Okasan said.

"Solid resistance is seen around 23,200. The market needs strong cues for it to go a notch further above," it added. "It may take several more days for the market to emerge out of the current range-bound mood." The Dollar stood at 106.10 yen, nearly flat from 106.13 Yen in New York Thursday.

In Tokyo, a broad range of shares fell.

High-tech investor SoftBank Group lost 1.07 percent to 5,738 yen. Industrial robot maker Fanuc fell 1.44 percent to 20,850 yen.

Mitsubishi UFJ Financial Group trimmed losses to a fall of 0.18 percent to 436.6 yen.

Toyota fell 0.63 percent to 6,911 yen. Sony was down 0.01 percent at 8,215 yen. Nintendo lost earlier gains and was down 0.10 percent at 58,970 yen.