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Tokyo stocks open lower on profit-taking after bull run

Dec 04 2018 07:51

Tokyo - Tokyo stocks opened lower on Tuesday despite hefty gains on Wall Street, as investors sought to lock in profits after seven days of gains on the Japanese market.

The benchmark Nikkei 225 index was down 0.11% or 25.68 points at 22 549.08 in early trade, while the broader Topix index fell 0.20% or 3.42 points to 1 685.63.

"Positive sentiment following rallies in US shares are seen outweighed by sales on profit-taking by investors" as there is nothing surprising in US rallies on a detente in the US-China trade war over the weekend, Okasan Online Securities said in a commentary.

The dollar fetched ¥113.58 in Asian trade against ¥113.69 in New York.

Takeda Pharmaceutical was down 0.63% at ¥4 203 ahead of an extraordinary shareholders meeting on Wednesday as a group of rebel investors is reportedly trying to thwart a deal with Shire.

Sharp was down 0.34% at ¥1 720 after activist groups criticised it for allowing its subcontractors to cut some 2 900 foreign workers at a factory in Japan.

Marine transportation company Mitsui O.S.K. Lines was up 1.00% at ¥2 748 after a brokerage firm upgraded its estimates on the shares.

On Wall Street, the Dow ended up 1.1% at 25 826.43.

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