Tokyo’s Stocks Edge Lower as Investors Take Profits
(MENAFN) Japanese stocks pulled back slightly on Wednesday as investors locked in gains after a swift rally, with the Nikkei 225 falling marginally despite a dramatic morning drop.
The Nikkei Stock Average shed 8.27 points, or 0.02%, ending the session at 49,307.79. The index had plunged as much as 700 points during early trading, driven by position adjustments and aggressive profit-taking in index futures by overseas investors.
However, the sell-off lost momentum in the afternoon, and the Nikkei briefly edged into positive territory, buoyed by renewed interest in undervalued shares that had underperformed during the market’s recent upswing.
In contrast, the broader TOPIX index climbed 16.93 points, or 0.52%, to reach 3,266.43—a record closing high.
Market breadth was positive on the Tokyo Stock Exchange Prime Market, where 1,267 stocks advanced, 303 declined, and 45 remained unchanged.
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