TOKYO – Tokyo stocks opened lower today following falls on Wall Street where high-tech shares were hit hard.
About an hour into trade, the benchmark Nikkei 225 index was at 28,863.87 yen, down 654.47 points or 2.22%. The broader Topix was down 1.68% or 32.85 points to 1,919.42.
“Japanese shares, particularly blue chip issues, are facing pressure as US shares drifted lower overnight,” Okasan Online Securities said in a note.
The Nikkei “is heading toward a possible first fall” after three straight winning sessions, the brokerage said.
In New York, the Dow gave up early gains and ended down 0.1%, while the tech-rich Nasdaq slipped 2.6%.
Meanwhile, Hong Kong stocks fell more than 1% at the open today, with investors keeping tabs on the release of key US inflation data later in the week.
The Hang Seng Index fell 1.08%, or 309.10 points, to 28,286.56.
The benchmark Shanghai Composite Index slipped 0.62%, or 21.39 points, to 3,406.60, while the Shenzhen Composite Index on China’s second exchange retreated 0.64%, or 14.25 points, to 2,229.68.
The dollar stood at ¥108.91 (RM4.11) in Tokyo, just above the ¥108.77 in New York.
Investors dumped shares as they awaited further data including retail sales and inflation figures that may shape the market’s expectations for US monetary policy.
Hopes are fading that the Federal Reserve will explore ways for an early exit from the current easy money policy after disappointing April US jobs report, Okasan said.
“Investors want to see (more data this week) to further gauge the speed of the recovery,” it added.
In morning Tokyo trade, high-tech shares headed south.
Major chipmaker Murata Manufacturing fell 2.66% to ¥8,468. Tokyo Electron, a major producer of tools to build semiconductors, dropped 3.22% to ¥48,450.
Industrial robot maker Fanuc gave up 2.29% to ¥25,970.
Internet investor SoftBank Group plunged 3.78% to ¥9,786.
Toyota slipped 1.43% to ¥8,384. Sony Group fell 1.76% to ¥10,590. Uniqlo operator Fast Retailing lost 0.70% to ¥87,050. – AFP, May 11, 2021
