Tokyo Shares End Down

Tokyo, (APP - UrduPoint / Pakistan Point News - 17th Jan, 2024) Tokyo stocks ended lower Wednesday as profit-taking wiped out morning gains.

The benchmark Nikkei 225 index gave up 0.40 percent, or 141.43 points, to 35,477.75, while the broader Topix index lost 0.30 percent, or 7.60 points, to 2,496.38.

Healthy risk appetite of foreign investors lifted the Nikkei in early trade, and strong semiconductor shares also fuelled the upward swing in Tokyo.

"Overall, there is no change to the scenario that international investors are buying Tokyo shares," said Chihiro Ota of SMBC Nikko Securities.

"For now though, the market is also facing strong pressure to lock in profit (after recent gains). What we are seeing is a tug-of-war between those forces," he said.

The Dollar fetched 147.79 Yen in Asian trade, against 147.

18 yen in New York, where it rose from 146.17 yen in Tokyo on Tuesday.

In Tokyo, Fujitsu lost 4.07 percent to 19,460 yen after the IT service firm admitted that it had a moral obligation to compensate British postmasters who were wrongly convicted of crimes due to a bug in the company's software.

Shipping firms were higher as they suspended navigation through the Red Sea due to attacks by Yemen's Iran-backed Huthi rebels.

Mitsui O.S.K. Lines added 0.31 percent to 5,166 yen and Kawasaki Kisen rose 0.12 percent to 7,330 yen.

Among semiconductor shares, Tokyo Electron added 1.81 percent to 26,390 yen.

Uniqlo-operator Fast Retailing fell 0.64 percent to 38,750 yen.

Sony Group rose 0.24 percent to 14,415 yen. Toyota also managed to stay in the black, adding 0.07 percent to 2,856.5.