Japan Stocks fall on profit booking

Headline indices of the Japan share market were lower after wiping out early gains on Wednesday, 24 April 2019, as investors continued withdrawing profit off the table amid corporate earnings season and ahead of the 10-day Golden Week holidays that start this Saturday. Around late afternoon, the 225-issue Nikkei Stock Average was down 111.43 points, or 0.5%, to 22,148.31. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 12.77 points, or 0.8%, at 1,610.20.

Total 27 issues out of 33 subsectors of the Tokyo Stock Exchange declined, with shares in Electric Power & Gas, Securities & Commodities Futures, Transportation Equipment, Real Estate, and Nonferrous Metals issues being notable losers, whereas Services, Other Products, and Pharmaceutical issues were notable gainers.

 

Japanese shares opened higher on tracking rebound in the Dow and fresh record highs in the Nasdaq and S&P 500 in New York overnight. However the market failed to hold momentum as investors are trying to evaluate corporate earnings reports ahead of the holidays

Nissan was down 2% after a report said the automaker will revise down its full-year profit forecast later on Wednesday.

Precision motor maker Nidec was up 2.3% after it announced a 15% decline in its full-year net profit. However, the firm forecast a 21% growth in net profit for the current year to March 2020.

CURRENCY NEWS: The Japanese yen was little changed in the upper 111 yen-range against the dollar on Wednesday, traders seemed reluctant to make significant moves ahead of the 10-day Golden Week holidays that start this Saturday. The dollar fetched 111.82 yen in Asian trade, against 111.85 yen in New York.

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