financetom
World
financetom
/
World
/
Japan's Nikkei closes lower on profit-taking, snaps winning streak
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Japan's Nikkei closes lower on profit-taking, snaps winning streak
Mar 25, 2024 12:34 AM

(Updates with closing levels)

By Brigid Riley

TOKYO, March 25 (Reuters) - Japan's Nikkei share average

closed lower on Monday on profit-taking following last week's

central bank decisions, snapping a four-day winning streak.

The Nikkei closed 1.16% lower at 40,414.12, with

only 30 of the index's 225 constituents advancing against 192

decliners.

The index crossed the 41,000 level for the first time ever

on Friday and had notched a record closing high of 40,888.43.

The broader Topix was down 1.26% at 2,777.64 on

Monday.

The day's market moves reflect a momentary lull after rising

as much as it has and technical factors are likely to weigh on

the index this week, said Hiroshi Namioka, chief strategist at

T&D Asset Management.

Losses were widespread, with many of the Nikkei's

heavyweight constituents declining.

Chipmaking equipment giant Tokyo Electron ( TOELF ) fell

1.6%, Uniqlo parent firm Fast Retailing ( FRCOF ) lost 0.6% and

staffing agency Recruit Holdings ( RCRRF ) was down 3.6%.

Despite the yen hovering around 151.32 per dollar, shares of

Japanese companies with higher overseas sales were also lower.

The currency's weakness is likely at its peak, capping the

recent rise in export-related shares, Namioka said.

"It's difficult to see the yen heading lower to something

like 160 per dollar, which is big."

Sony Group ( SONY ) fell about 3%, while Toyota Motor ( TM )

lost 1.1%.

Automakers such as Honda ( HMC ) and Nissan ( NSANF ) also

fell 2.2% and 2.1%, respectively.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japan's Nikkei closes lower on profit-taking, snaps winning streak
Japan's Nikkei closes lower on profit-taking, snaps winning streak
Mar 25, 2024
(Updates with closing levels) By Brigid Riley TOKYO, March 25 (Reuters) - Japan's Nikkei share average closed lower on Monday on profit-taking following last week's central bank decisions, snapping a four-day winning streak. The Nikkei closed 1.16% lower at 40,414.12, with only 30 of the index's 225 constituents advancing against 192 decliners. The index crossed the 41,000 level for the...
Analysis-Cocoa rally and market tumult hoist systematic hedge funds ahead of their peers
Analysis-Cocoa rally and market tumult hoist systematic hedge funds ahead of their peers
Mar 24, 2024
LONDON (Reuters) - Record cocoa prices and markets whipped around by inflation and geopolitics helped hedge funds using systematic strategies outperform their peers in the first quarter, according to industry players and investors. A systematic hedge fund manager uses coding and algorithms to determine whether to find trades strong enough to become market trends, unlike traditional managers who decide the...
Russian rouble hits one-week low vs dollar after deadly Moscow attack
Russian rouble hits one-week low vs dollar after deadly Moscow attack
Mar 25, 2024
MOSCOW, March 25 (Reuters) - The rouble hit a one-week low past 93 to the dollar on Monday as the Russian market reopened after a deadly shooting rampage near Moscow on Friday evening, with the Russian currency supported by high oil prices and month-end tax payments. Russia lowered flags to half-mast for a day of mourning and charged four men...
GLOBAL MARKETS-Asia shares stall, dollar shies from Japan warning
GLOBAL MARKETS-Asia shares stall, dollar shies from Japan warning
Mar 24, 2024
* Asian stock markets: https://tmsnrt.rs/2zpUAr4 * Nikkei dips, S&P 500 futures flat * U.S. and European inflation data loom in holiday week * Japan warns on yen weakness ahead of 152.00 per dollar * PBOC sets a firmer fix for yuan (Updates prices at 0545 GMT) By Wayne Cole SYDNEY, March 25 (Reuters) - Asian shares dithered on Monday as...
Copyright 2023-2026 - www.financetom.com All Rights Reserved