Monday, 17 June 2024

Nikkei closes lower, tech shares trend higher

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The Japanese Nikkei index closed lower on Thursday after gains for three consecutive sessions, with a group of stocks trading without the right to distribute profits, while losses were limited as technology stocks followed the path of the rally on Wall Street overnight.

According to “Reuters”, the Nikkei index fell 0.36 percent to close at 27,782.93 points, and the broader Topix index fell 0.61 percent to 1,983.32 points.

“Overall, the market was affected by ex-dividend stocks, but it was weaker than expected, given the strong performance of Wall Street last night,” said Yuu Tsuboi, chief strategist at Daiwa Securities.

He pointed out that investors’ concerns about raising interest rates in the United States have returned with the receding of fears of a possible financial crisis, adding that expectations about the Bank of Japan’s adjustment of its policy are increasing.

US stocks rose overnight, with all three major indices up at least 1 percent, as upbeat forecasts from Micron Technology and others eased some concerns about the economy.

All but five of the 33 industrial sub-indices on the Tokyo Stock Exchange declined, with oil refiners leading the losses, down 2.89 percent.

SoftBank fell 2.04 percent, becoming the biggest loser on the Nikkei index, after jumping more than 6 percent in the previous session.

While Sony, the gaming industry, rose 2.09 percent, and Hoya, the lens industry, gained 1.14 percent.

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