Roundup: Tokyo stocks close lower on profit-taking amid lack of positive cues

2021-03-02 11:36:35 GMT2021-03-02 19:36:35(Beijing Time) Xinhua English

TOKYO, March 2 (Xinhua) -- Tokyo stocks closed lower Tuesday, reversing earlier gains, as investors opted to secure profits amid a lack of positive cues.

The 225-issue Nikkei Stock Average dropped 255.33 points, or 0.86 percent, from Monday to close the day at 29,408.17.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 7.63 points, or 0.40 percent, to finish at 1,894.85.

Marine transportation, air transportation and mining-linked issues comprised those that declined the most by the close of play.

Throughout the day, the U.S. dollar remained steady in the upper 106 yen range as sharp overnight rises on Wall Street spurred investors' risk appetite, said some dealers.

Stocks opened higher, but quickly lost momentum and extended losses in the afternoon. According to brokers, the lack of additional trading cues prompted investors to lock in recent gains after the Nikkei and Topix indexes both increased by more than 2 percent on Monday.

Kenji Abe, chief strategist at Daiwa Securities Co., said declines in other overseas markets and in U.S. stock futures triggered selling.

"After experiencing a plunge late last week, investors were cautious about chasing the upside," he was quoted by local media.

Recently, Tokyo shares have been volatile amid concerns over global financial market stability after a sharp rise in U.S. long-term bond yields.

On the First Section, declining issues outnumbered advancers 1,346 to 745, while 103 finished unchanged.

Higher-priced stocks that rose in early trading met selling. Among them, investment conglomerate SoftBank Group dropped 55 yen, or 0.5 percent, to 10,380 yen.

Meanwhile, chip equipment maker Tokyo Electron declined 330 yen, or 0.7 percent, to 44,130 yen while Fast Retailing, the operator of the Uniqlo casual clothing chain, fell 3,150 yen, or 2.9 percent, to 104,700 yen.

On the main section on Tuesday, 1,292.67 million shares changed hands, increasing from Monday's volume of 1,250.01 million shares. Enditem