Japan Nikkei falls on profit booking

Headline indices of the Japan share market closed slightly lower in lacklustre trading on Thursday, 14 February 2019, as profit-taking pressure grew following the market's recent rise in previous two-days and lack of cues from U.S.-China trade negotiation. However, the market's downside was capped by the yen's retreat against the U.S. dollar. Among TSE33 issues, oil and coal product, pulp and paper, and construction issues led notable gainers, while mining, rubber product and services issues comprised those that declined the most by the close of play. At closing bell, the 225-issue Nikkei index fell 4.77 points, or 0.02%, to end at 21,139.71. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 0.48 point, or 0.03%, at 1,589.81

Asics Corp fell after the sporting goods maker posted a net loss of 20.3 billion yen for the year through December 2018 amid weak sales in the United States and Australia.

 

Otsuka Kagu slumped 13% after Furniture retailer said it was exploring options to bolster its finances, including through capital alliances. Otsuka Kagu added that it was in talks with several firms but that nothing had been decided.

ECONOMIC NEWS: Japan GDP Expands 0.3% On Quarter In Q4--Japan's gross domestic product added a seasonally adjusted 0.3% on quarter in the fourth quarter of 2018, the Cabinet Office said on Thursday, following the 0.6% contraction in the three months prior. On a yearly basis, GDP climbed 1.4% after sinking 2.5% in the third quarter. Nominal GDP was up 0.3% on quarter, following the 0.7% drop in Q3.

CURRENCY NEWS: The Japanese yen weakened slightly against the USD after the country's GDP numbers. The numbers showed that the economy expanded by 1.4% in the fourth quarter. This was in line with expectations and higher than the previously-released contraction of -2.6%. On a QoQ basis, the economy expanded by 0.3%, which was lower than the expected 0.4%. The GDP external demand contracted by -0.3%, which was better than the expected -0.4%. The dollar was quoted at 110.93-94 yen compared with 110.95-111.05 yen in New York and 110.68-69 yen on Wednesday in Tokyo. The euro, meanwhile, fetched 124.94-95 yen against 124.99-125.09 yen in New York and 125.28-32 yen in late Wednesday afternoon trade in Tokyo.

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