Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japanese shares give up early gains as investors book profits

09/27/2021 | 02:59am EST

TOKYO, Sept 27 (Reuters) - Japanese shares settled slightly lower on Monday, giving up early gains driven by cyclical stocks as investors booked profits after a sharp rally this month, while caution also prevailed ahead of a change in political leadership.

The Nikkei share average closed down 0.03% at 30,240.06 after rising as much as 0.5%. The broader Topix slipped 0.14% to 2,087.74.

The Nikkei has risen almost 8% this month on hopes of an economic recovery amid declining cases of COVID-19 infections.

"Early gains were erased as investors tried to lock in profits after a big rally until last week," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

"The sell-off was driven by caution ahead of a change in political leadership, while there are still fears of possible default by China Evergrande."

Japan's ruling Liberal Democratic Party is set to hold an election to choose a new leader, who is set to become the country's next prime minister.

Stocks with an exposure to China continued to be hit as fears of a potential default at China Evergrande loomed. Air-conditioner maker Daikin Industries fell 3.44% and toilet maker Toto slipped 1.84%.

Shippers led the decline among the Tokyo Stock Exchanges 33 industry sub-indexes with a drop of 6.45%.

Shares of companies that benefited from the stay-at-home lifestyle were subdued, after the health minister said the COVID-19 infection situation was improving such that emergency conditions could soon be lifted in most parts of the country.

Gamemaker Bandai Namco lost 2.81% and frozen food maker Ajinomoto fell 2.27%.

Shares that would benefit from an economic reopening advanced, with airlines jumping 3.76% and railway operators rising 1.69%.

Department stores rose, with Takashimaya up 4.04%, Isetan Mitsukoshi gaining 3.66% and Marui Group advancing 2.82%. (Reporting by Junko Fujita; Editing by Rashmi Aich and Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AJINOMOTO CO., INC. -1.56% 3354 End-of-day quote.43.49%
BANDAI NAMCO HOLDINGS INC. 1.17% 8940 End-of-day quote.0.16%
CHINA EVERGRANDE GROUP -3.93% 2.2 End-of-day quote.-85.23%
DAIKIN INDUSTRIES,LTD. 4.47% 24185 End-of-day quote.5.52%
ISETAN MITSUKOSHI HOLDINGS LTD. 0.00% 776 End-of-day quote.27.21%
MARUI GROUP CO., LTD. 0.05% 2087 End-of-day quote.15.18%
TAKASHIMAYA COMPANY, LIMITED 1.71% 1012 End-of-day quote.14.35%
TOTO LTD. 3.18% 5190 End-of-day quote.-16.29%
Latest news "Economy & Forex"
03:03pKirby Inland Marine to pay $15.3 million in damages over 2014 oil spill
RE
03:02pPfizer begins application for Canada's approval of COVID-19 pill
RE
03:01pU.S. firms battle higher inflation and worker shortages, Fed survey shows
RE
03:00pMarriott exec says co encouraged about the pace of recovery
RE
02:57pCrypto firm CEOs to testify before U.S. House banking panel on Dec. 8
RE
02:51pModerna says could have omicron-specific covid-19 booster shot ready as soon as march
RE
02:46pGM boosts profit outlook as supply chain troubles ease
RE
02:45pU.S. economy gaining steam as manufacturing forges ahead; shortages still a constraint
RE
02:45pGM boosts profit outlook as supply chain troubles ease
RE
02:45pU.S. consumer watchdog says it will scrutinize banks' 'blockbuster' overdraft fees
RE
Latest news "Economy & Forex"