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Japan's Nikkei ends lower as traders book profits, assess US data
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Japan's Nikkei ends lower as traders book profits, assess US data
Dec 12, 2024 11:36 PM

(Updates with closing prices)

TOKYO, Dec 13 (Reuters) - Japan's Nikkei share average

ended lower on Friday, as investors locked in profits following

a four-session climb after U.S. economic data raised bets of an

interest rate cut by the Federal Reserve next week.

The Nikkei fell 0.95% to 39,470.44, but gained 1.94%

for the week. On Thursday, gains propelled the benchmark index

to a two-month high.

The broader Topix fell 0.95% to 2,746.56 but rose

1.68% for the week.

"The overnight weak finish of overseas markets dragged

sentiment lower, prompting investors to sell stocks for

profit-booking," said Takehiko Masuzawa, trading head at Phillip

Securities Japan.

"The market wanted to adjust their positions ahead of the

weekend."

The Nikkei crossed the key 40,000 level for the first time

since Oct. 15 on Thursday.

Wall Street pulled back overnight, as investors evaluated

key economic indicators ahead of the Fed meeting next week.

A U.S. Labor Department report on Thursday showed producer

prices rose 0.4% on a monthly basis in November, compared with

estimates of a 0.2% climb, as per economists polled by Reuters.

Uniqlo brand owner Fast Retailing ( FRCOF ) lost 2.26% to

drag the Nikkei the most.

Chip-making equipment maker Tokyo Electron ( TOELF ) shed

3.11%, tracking U.S. chipmakers' 0.91% drop. Silicon

wafer maker Shin-Etsu Chemical ( SHECF ) lost 2.86%.

Oji Holdings ( OJIPF ) surged 11.23% to become the top

percentage gainer on the Nikkei after the packaging maker

announced share buyback.

The healthcare equipment maker Omron ( OMRNF ) fell 5.63%

to become the biggest percentage loser in the Nikkei. Heavy

machinery maker IHI lost 5.18%.

All but three of the Tokyo Stock Exchange's (TSE) 33

industry sub-indexes declined.

The pulp and paper makers index climbed 3.75% and

the shippers added 1.43%.

Of the 1,644 stocks in the TSE's prime market, 32% advanced,

64% fell, while 3% traded flat.

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