Thu, 22 Oct 2020

Tokyo stocks close lower on profit-taking

12 Oct 2020, 21:12 GMT+10

Tokyo stocks edged down on Monday on profit-taking despite US rallies, with investors closely watching the US presidential election campaigns.

The benchmark Nikkei 225 index fell 0.26% to close at 23 558.69, while the broader Topix index slipped 0.24%, or 4.03 points, to 1 643.35.

Investors continued to lock in profits, extending weak performances on Friday, brokers said.

"Profit-taking easily emerges at the Nikkei's current level," said Shinichi Yamamoto, a broker at Okasan Securities in Tokyo.

"And Friday's gain in US shares did not help boost market sentiment here," Yamamoto told AFP, adding that players were looking for fresh trading factors.

Investors remained cautious ahead of corporate earnings season later this month and are closely watching developments in the US presidential election campaigns, analysts said.

The dollar fetched ¥105.49 in Asian afternoon trade, against ¥105.61 in New York late Friday.

Among major shares in Tokyo, Toyota lost 0.80% to ¥6 911 despite a 25% rise in its vehicle sales in China in September, while its rival Honda was down 1.83% at ¥2 534.5.

ANA Holdings jumped 2.64% to ¥2 464 after a weekend report that the airline will allow its employees to do a side job. Its rival Japan Airlines gained 1.37% to ¥2 028.

Source: News24

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