The Business Times

Tokyo: Stocks end lower after recent gains

Published Tue, Feb 26, 2019 · 07:32 AM
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[TOKYO] Tokyo stocks closed lower on Tuesday following recent gains fuelled by optimism over the China-US trade talks, while analysts also said news of Indian air strikes in Pakistan-controlled Kashmir weighed on the market.

The benchmark Nikkei 225 index, slipped 0.37 per cent, or 78.84 points, to 21,449.39 while the broader Topix index was down 0.23 per cent, or 3.67 points, at 1,617.20.

Shares have enjoyed healthy buying of late, thanks to hopes that China and the US will eventually hammer out a deal to resolve their tariffs spat that has fanned uncertainty over the past year.

But dealers were unable to maintain their momentum and Online Okasan Securities said in a commentary that selling picked up "after reports of Indian air strikes".

New Delhi later said an air strike had been carried out on a camp where militants were preparing an attack on India, almost two weeks after more than 40 Indian paramilitaries were killed in the region.

India had vowed to strike back after the bombing, which was claimed by a Pakistan-based militant group.

In Tokyo share trading, Sony fell 0.85 per cent to 5,331 yen while Uniqlo clothing chain operator Fast Retailing lost 1.08 per cent to 50,890 yen.

Industrial robot producer Fanuc Corp dropped 1.29 per cent to 19,080 yen while Tokyo Electron was down 0.83 per cent to 15,480 yen.

Carmakers were higher with Toyota trading up 0.31 per cent at 6,795 yen and Nissan 0.54 per cent to 958 yen.

The dollar fetched 110.80 yen in Asian trade, down from 111.05 yen in New York on Monday.


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