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Japan Nikkei falls on profit-taking

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Headline indices of the share market were lower on Tuesday, 04 December 2018, as investors sought to lock in profits after seven successive trading days. All TSE33 issues declined, with shares in Marine Transportation, Construction, Glass & Ceramics Products, Oil & Coal Products, Banks, and Other Financial issues being notable losers. In late afternoon trades, the 225-issue Nikkei index dropped 254.83 points, or 1.13%, at 22,319.93. The broader index of all First Section issues on the Stock Exchange declined 24.65 points, or 1.46%, to 1,664.40.

Shares of exporters were mostly lower on a stronger yen. was down 0.2%, fell 0.3% and was lower by 0.7%, while rose more than 1%. Sharp was down 0.34% after activist groups criticised it for allowing its subcontractors to cut some 2,900 foreign workers at a factory in Among the major automakers, rose 0.4%, while was lower by 0.2%.

declined almost 1% ahead of an extraordinary shareholders meeting on Wednesday as a group of rebel investors is reportedly trying to thwart a deal with

Shares of rose1% after a brokerage firm upgraded its estimates on the marine company.

On the economic front, the Bank of said that the monetary base in Japan was up 6.1% on year in November, coming in at 501.330 trillion yen. That follows two straight months of 5.9% gains.

CURRENCY NEWS: changed hands in the upper -113 yen zone against greenback on Monday, largely in line with its levels in overnight.

The dollar was quoted at 113.58-59 yen compared with 113.60-70 yen in and 113.46-47 yen on Monday in The euro, meanwhile, fetched 129.97-98 yen against 128.94129.04 yen in and 128.98-129.02 yen in Monday trade in

OFFSHORE MARKET NEWS: US stock market closed higher on Monday, reflecting a positive reaction to the highly anticipated meeting between and Chinese over the weekend. In a much-anticipated meeting between and at the weekend, the heads of the world's two biggest economies hammered out a deal that will see them hold off on their tit-for-tat tariffs row, which has roiled global equities for most of the year. The leaders called a cease-fire in their trade dispute, to last for at least 90 days, to allow time to smooth out disagreements over Chinese that the U. S. and other trading partners consider predatory. Trump will hold off on plans to raise tariffs on $200 billion in Chinese goods, which were supposed to kick in on Jan. 1. In return, Xi agreed to buy a "very substantial amount" of agricultural, and from the U. S. to reduce its large trade deficit with The Dow surged up 287.97 points or 1.1% to 25,826.43, the Nasdaq soared 110.98 points or 1.5% to 7,441.51 and the S&P 500 shot up 30.20 points or 1.1% to 2,790.37.

The major European markets also showed strong moves to the upside on Monday. The German DAX Index shot up by 1.9%. The U. K.'s and the French advanced by 1.2% and 1%, respectively.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 09:57 IST
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