Tokyo stocks fall for third straight session

Kalerkantho Online   

29 October, 2018 13:40 PM

Tokyo stocks fall for third straight session

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Tokyo stocks gave up early gains to close down for a third straight session on Monday as market sentiment remained weak following recent volatile trade.

The benchmark Nikkei 225 index, which lost 5.9 percent last week, fell 0.16 percent or 34.80 points to close at 21,149.80, while the broader Topix index was down 0.40 percent or 6.45 points to 1,589.56.

Tokyo shares opened higher as investors bought on dips following the recent decline, reports AFP.

The morning rebound came after Wall Street stocks finished a volatile week on a sour note Friday as disappointing earnings from Amazon and Google-parent Alphabet sparked a selloff in tech shares.

"But the market could not hold on the gain, mirroring the current weakness," said Daiwa Securities senior technical analyst Hikaru Sato.

"Investors are also concerned about another dip on Wall Street at the start of the week," Sato told AFP.

"The market is expected to remain fragile at least for the rest of the week," he added.

Tsuyoshi Nomaguchi, strategist at Daiwa Securities said: "Falls in the Nikkei index bottomed out last week, but market participants should be paying attention to earnings reports by Japanese and US companies."

The dollar fetched 111.92 yen in Asian afternoon trade, against 111.83 yen in New York on Friday.

In Tokyo, Sony lost 0.54 percent to 5,802 yen ahead of its announcement of first-half earnings on Tuesday, while its rival Panasonic fell 0.53 percent at 1,216.5 yen.

Nintendo, which will also release interim results on Tuesday, shed 0.40 percent to 34,670 yen.

Fujitsu plunged 5.44 percent at 6,622 yen after a brokerage firm revised down its valuation of the information technology firm.