Japan's Nikkei falls slightly as tech stocks slip

5
2 minutes

TOKYO, 11 June - Japanese shares ended marginally lower on Friday as losses in technical stocks, as well as banks and property firms, offset gains in cyclical firms.

The average value of the Nikkei shares slipped 0.03% to 28,948. 73 while the broader Topix slid 0.14% to 1,954 02. The Nikkei traded in a marginal range for the week and recorded a narrow gain of 0.02%.

Toshiba Corp shed 1.59% after an illegal investigation released on Thursday found the company and the government manipulated to lean on foreign investors to fall in line with the management's wishes.

Japan's technology stocks are raised as the dip in the Nasdaq and the fall in the American interest rate lift investors sentiment, said Jun Morita, general manager of the research department at Chibagin Asset Management.

The market was weighed down by incertitudes. It's hard for investors to buy or sell when the Nikkei hovers around the 29,000 level as they are not necessarily optimistic about the Japanese market outlook.

Some market participants doubt that Japan's economy will recover as quickly as that of Japan and other advanced nations, as the country struggles with a fourth wave of the pandemic.

Recruit Holdings, the biggest drag on Nikkei, lost 2.53%, while machinery manufacturers Kubota and Komatsu lost 4.49% and 3.24%, respectively.

Banks and property firms declined the most among the 33 industry subindices.

With a medical platform M 3 Inc the company advanced 3.12%, Tokyo Electron rose 0.65% and Advantest 0.41% increased.

The drugs manufacturer Eisai jumped after a sharp decline in the previous session amid a volatile trade this week following the approval of a drug developed by firm Biogen for Alzheimer's Disease. What does it mean to you that you are a human being?

  • Comments
Loading comments...