Tokyo: Stocks snap three-day winning streak

[TOKYO] Tokyo stocks snapped a three-day winning streak Monday with profit-takers reversing early gains ahead of the release of key economic data in the US and China this week.

The benchmark Nikkei 225 index lost 0.24 per cent, or 54.86 points, to close at 22,495.99 while the broader Topix index fell 0.22 per cent, or 3.83 points, at 1,776.73.

"Tokyo shares opened higher on the back of gains on Wall Street but they sank into negative territory due to selling" to lock in profits, Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

"Major shares which were bought last week took a breather," he said.

On Wall Street the S&P 500 and Nasdaq each ended at records last week.

The dollar was changing hands at 111.33 yen, down from 111.55 yen in New York late Friday, and well off the 112 yen levels earlier last week.

Mitsubishi Materials dropped 1.99 per cent to 3,685 yen after plunging more than eight percent on Friday as it admitted to falsifying product data.

Electronics parts giant Murata Manufacturing fell 1.43 per cent to 15,830 yen while chip-making equipment manufacturer Tokyo Electron lost 1.77 per cent to 22,930 yen.

Sony was up 0.75 per cent to 5,363 yen while Toyota edged up 0.04 per cent to 7,026 yen.

AFP