Roundup: Tokyo stocks close lower as tech shares sold for profits

2021-06-09 09:35:10 GMT2021-06-09 17:35:10(Beijing Time) Xinhua English

TOKYO, June 9 (Xinhua) -- Tokyo stocks closed lower Wednesday as investors opted to secure profits from technology issues amid a circumspect mood ahead of the release of U.S. economic data that could have a bearing on its stimulus measures.

The 225-issue Nikkei Stock Average lost 102.76 points, or 0.35 percent, from Tuesday to close the day at 28,860.80.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, fell 5.51 points, or 0.28 percent, to finish at 1,957.14.

Traders here said that tech issues were ripe for profit-taking following their recent advances and came under heavy selling pressure.

"Investors in Japan focused on selling high-priced semiconductor shares, tracking their overnight U.S. peers," Yutaka Miura, senior technical analyst at Mizuho Securities Co., was quoted as saying.

Analysts also said that stocks' downturn throughout the day was punctuated by a wait-and-see mood ahead of the release of U.S. inflation data.

Another sharp increase, as was the case last month, could see a rise in long-term U.S. interest rates, which in turn would stoke concerns about the U.S. Federal Reserve tapering its stimulus measures earlier than expected, they said.

"Japanese investors want to see the U.S. CPI number tomorrow, and if it's not faster than expected, that should come as a relief to markets and could very well result in a rally," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, said.

"Right now though, there's a strong wait-and-see attitude overall in markets," he added.

By the close of play, marine transportation, pulp and paper, and securities house issues comprised those that declined the most, and issues that fell outpaced those that rose by 1,106 to 972 on the First Section, while 115 ended the day unchanged.

Among technology issues sold for profits, Shin-Etsu Chemical lost 2.2 percent, Tokyo Electron fell 3.0 percent and Taiyo Yuden ended the day 3.5 percent lower. Lasertec, meanwhile, retreated 3.9 percent.

Shipping-oriented issues were also sold for profits after recent gains, with Kawasaki Kisen sinking 4.5 percent, while Mitsui OSK Lines dropped 3.6 percent.

Energy issues found favor, however, following U.S. crude oil futures rising Tuesday, with Japan Petroleum Exploration adding 0.4 percent, while Inpex gained 2.5 percent.

Air transportation issues also bucked the downward trend on hopes for increased demand as Japan attempts to speed up its COVID-19 vaccination program, with ANA Holdings climbing 3.4 percent.

On the main section on Wednesday, 994.45 million shares changed hands, rising from Tuesday's volume of 928.66 million shares.

The turnover on the third trading day of the week came to 2,302.96 billion yen (21.03 billion U.S. dollars). Enditem