Japan Market extends losses on profit taking

Japan stock market finished lower for second straight session on Thursday, 16 September 2021, as investors continued withdrawing profit off the table amid heightening concerns about market overheating after the Nikkei and Topix indexes both hits highest levels in 31-years on Tuesday. Weak exports data for August also weighed on the market.

At closing bell, the 225-issue Nikkei Stock Average dropped 188.37 points, or 0.62%, to 30,323.34. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 6.23 points, or 0.3%, to 2,090.16.

Trading volume on the main section stood at 1261 million shares worth 3.47 billion yen as compared yesterday's 1205 million shares worth 3.15 billion yen.

Total 17 of 33 industry groups declined on the Topix, with major declining issues were Marine Transportation (down 1.6%), Glass & Ceramics Products (down 1.5%), Real Estate (1.5%), Air Transportation (down 1.2%), Securities & Commodities Futures (down 1.2%), Electric Appliances (down 1%), and Information & Communication (down 0.9%) issues, while advancing issue included Oil & Coal Products (up 2.1%), Mining (up 1.8%), Warehousing & Harbor Transportation Services (up 1.4%), and Pharmaceutical (up 1%) issues.

ECONOMIC NEWS: Japan's exports rose 26% in August from a year earlier, according to preliminary data released on Thursday, as supply chain disruptions hit manufacturers. The 6.6 trillion yen ($60 billion) in exports compared with 5.2 trillion yen a year earlier. The figures showed the world's third largest economy logged a trade deficit of 635 billion yen ($5.8 billion), as imports surged nearly 45% to 7.24 trillion yen ($66 billion), driven largely by imports of oil, gas and coal.

CURRENCY NEWS: The US dollar remained weak in the lower 109 yen range on Thursday. The dollar fetched 109.35-36 yen compared with 109.33-43 yen in New York and 109.43-45 yen in Tokyo.

Powered by Capital Market - Live News