Japan Market falls on profit taking

Japan stock market finished session lower on Thursday, 12 August 2021, as investors opted to book profit after the market's four-day winning streak and concerns over the coronavirus situations with number of Covid-19 patients with severe symptoms has hit a record high in Tokyo.

At closing bell, the 225-issue Nikkei Stock Average declined 55.49 points, or 0.2%, to 28,015.02. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 0.53 point, or 0.03%, to 1,953.55.

Trading volume turnover in the 1st section decreased to 1044 million shares from 1160 million shares in previous session. Trading value turnover decreased to 2384.42 billion yen from 2,645.33 billion yen in previous session.

Total 19 of 33 sectors sub-indexes on the Tokyo exchange ended up, with top advancing sectors were Marine Transportation (up 3.8%), Mining (up 1.2%), Nonferrous Metals (up 1.1%), Chemicals (up 1%), Machinery (up 0.9%), and Securities & Commodities Futures (up 0.9%), while bottom performing sectors included Land Transportation (down 0.9%), Air Transportation (down 0.8%), and Electric Appliances (down 0.7%).

Among individual stocks, Rakuten Group shares fell after the e-commerce giant reported it incurred a larger net loss in the January-June period compared with a year earlier.

Meiji Holdings shares dropped after the major confectionery firm released a lackluster earnings report, with its operating profit in the April-June quarter falling 20% percent from a year earlier.

CURRENCY NEWS: The U.S. dollar stayed in the lower 110 yen range after the currency was sold on speculation that a dip in U.S. Treasury yields following the release of modest inflation figures for July would narrow the interest rate gap between the United States and Japan. The Japanese yen traded at 110.41, strengthening from levels above 110.7 the day before.

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