Tokyo stocks edge lower in morning on selling after rally
(Japan Economic Newswire Via Acquire Media NewsEdge) Tokyo stocks ended slightly lower Thursday morning as investors moved to cash in on profits after a recent market rally.
The 225-issue Nikkei Stock Average shed 24.46 points, or 0.16 percent, from Wednesday to 15,703.89. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 2.71 points, or 0.21 percent, to 1,298.81.
Tokyo stocks traded lower, pressured by selling on a rally after the Nikkei index rose around 300 points, or 2.0 percent, over the previous three days.
"Selling for profit-taking took place somewhat amid a sense of market overheating," said Ayako Terada at Nomura Securities Co.'s investment research department.
Meanwhile, the market's downside was limited as incentives for further selling were hard to find, although there also were few reasons for buying, said Terada.
"Also supporting the market was investor relief that the main ministers involved in important policies were retained in the Cabinet reshuffle" by Prime Minister Shinzo Abe on Wednesday, she added.
On the First Section, falling issues outnumbered rising ones by 1,128 to 532, while 157 ended the morning unchanged.
Marine transport became the worst performing sector, with Nippon Yusen falling 5 yen, or 1.6 percent, to 302 yen and Mitsui O.S.K. Lines down 5 yen, or 1.3 percent, to 375 yen.
Other major decliners include consumer finance, steel and construction issues.
Electronic parts maker Mitsui High-tec dropped 31 yen, or 4.2 percent, to 715 yen one day after the company said its consolidated net profit in the six months ended July 31 decreased 21.7 percent year-on-year to 1.22 billion yen.
In contrast, Taiko Pharmaceutical soared 159 yen, or 8.9 percent, to 1,949 yen on its announcement the previous day that the drug manufacturer received a patent for a solvent for repelling mosquitoes amid increasing dengue infection cases in Japan.
(c) 2014 Kyodo News
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