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Japan Stocks mixed on global trade concerns

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Japan share market closed mixed on Tuesday, 04 June 2019, after hitting a five-month intraday low, as investors remained cautious because of a yen's strengthening against the dollar and concern about the global economy. However, market losses were marginal as investors chased for bottom fishing after losses in previous four sessions. Total 23 issues of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Iron & Steel, Glass & Ceramics Products, Marine Transportation, Mining, and Oil & Coal Products issues being notable gainers, whereas Services, Information & Communication, Land Transportation, and Air Transportation issues were notable losers. At closing bell, the 225-issue Nikkei Stock Average fell 0.01%, or 2.34 points, to 20,408.54, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 0.01%, or 0.13 point, at 1,499.09.

Investors remained risk-averse amid concerns heightened international trade frictions could derail the global economy, due to U. S.

President Donald Trump's tariff threat on all imports from Mexico on last Thursday and China's imposition of retaliatory tariffs on U. S. goods Saturday.

Shares of export- oriented issues dropped due to yen appreciation to 108 zone against greenback. The losers included electronic parts supplier Murata Manufacturing, industrial robot producer Fanuc and chipmaking gear manufacturer Tokyo Electron. Technology investor SoftBank Group and drugmaker Takeda fell.

Idemitsu, JXTG, Cosmo Energy and other oil names were lower due to a fall in crude oil prices.

on the positive side, Cocokara Fine skyrocketed following the drugstore chain's announcement that it would start merger talks with peer Sugi Holdings. Also on the positive side were Mitsubishi Estate and job information service firm Recruit Holdings.

CURRENCY NEWS: Japanese yen appreciated against greenback on Tuesday, as demand for safe heaven amid worries that's heightened trade tensions could derail global economic growth. The Dollar changed hands at 107.90 yen in Asian trade on Tuesday, against 108.07 yen in New York and 108.24 yen in Tokyo on Monday.

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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, June 04 2019. 12:04 IST
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