Profit Taking Drags Nikkei Lower

(RTTNews) - The stock market in Japan ended in negative territory on Tuesday, following cues from Wall Street where the major indices snapped the 4-day gains and ended flat. The strengthening of the yen against the US dollar and weak trading across the region provided the traders an opportunity to lock in gains following gains in the previous session.

The benchmark Nikkei 225 Index ended at 10,497, representing a loss of 83.69 points, or 0.79%, while the broader Topix index of all first section stocks fell 5.16 points, or 0.5%, to 965.

Light sweet crude oil price for October delivery ended at $73.83 a barrel in electronic trading, down $0.54 from its previous close $74.37 a barrel in New York on Monday.

Technology stocks and automakers declined following the strengthening of the local currency against the greenback.

Among automotive stocks, Honda Motor declined 1.97%, Toyota Motor edged down 0.47%, Nissan Motor Corp. lost 1.60% and Mitsubishi Motor slipped 0.59%.

Exporters declined following the strengthening of the local currency against the US dollar. Canon Inc., declined 1.08%.

Oil related companies also ended in negative territory. Nippon Oil Corp declined 0.74%, Showa Shell edged down 0.20% and Nippon Mining slipped 0.61%.

Mixed trading was witnessed among trading companies. Toyota Tsusho Corp. edged down 0.07% and Marubeni Corp. slipped 0.62%. However, Mitsubishi Corp. gained 0.57%, Itochu Corp. advanced 0.74% and Sumitomo Corp. edged up 0.10%.

Banks ended in the negative territory on profit taking. Mitsubishi UFJ Financial declined 1%, Mizuho Financial fell 1.75%, Resona Holdings lost 1.09%, and Sumitomo Mitsui Financial shed 1.22%.

In the U.S., stocks snapped the 4-day rally and ended flat on Monday with the major averages closing on opposite sides of the unchanged mark. Optimism about the growth prospects was partly offset by comments from economist Nouriel Roubini, who said that he sees a “big risk” of a double recession. While the Dow closed up by 3.32 points or 0.03% at 9,509, the Nasdaq slipped by 2.92 points or 0.1% to 2,018 and the S&P 500 fell by 0.56 points or 0.1% percent to 1,026.

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