TOKYO – Tokyo’s key Nikkei index opened lower today after a mixed close on Wall Street as investors adjusted their positions.
The benchmark Nikkei 225 index was down 0.28%, or 81.75 points, at 28,661.50 in early trade, while the broader Topix index gained 0.16%, or 2.94 points, to 1,896.52.
“Following a patchy performance in US shares, (investors in) Japanese stocks are seen trying to find out where the lowest price lines are,” said senior strategist Yoshihiro Ito of Okasan Online Securities.
Bargain-hunting in sectors such as energy, banking and medicine is likely to continue, he said.
The US dollar fetched ¥108.92 (RM4.12) in early Asian trade, against ¥108.88 in New York late yesterday.
Japan’s October-December gross domestic product growth was revised down to 2.8% from a preliminary estimate of 3% due to changes in private inventories, according to government data released 10 minutes before the opening bell.
The latest reading did not prompt a strong market reaction.
Among the major shares in Tokyo, banks kept rallying, with Mitsubishi UFJ Financial gaining 1.36% to ¥588.9 and Sumitomo Mitsui Financial up 1.38% to ¥3,967.
Takeda Pharmaceutical was up 0.64% at ¥3,930, rallying for a second straight day after it filed a request with Japanese health authorities for approval of Moderna’s coronavirus vaccine.
Meanwhile, Panasonic plunged 5.41% to ¥1,347 after a report said the electronics giant is set to buy US software developer Blue Yonder for ¥700 billion.
Sony dropped 3.22% to ¥10,665 after a brokerage firm downgraded its evaluation of the shares.
On Wall Street, the Dow finished up 1% at 31,802.44, while the tech-rich Nasdaq tumbled 2.4% and the broad-based S&P declined 0.5%. – AFP, March 9, 2021
