Business / Financial Markets | TSE DATA & REPORT

Nikkei gives up 115 points amid lack of incentives, drops in Asian markets

JIJI

Tokyo stocks fell Friday as fresh trading incentives eluded the market.

The Nikkei average of 225 selected Tokyo Stock Exchange issues dropped 115.23 points, or 0.49 percent, to end at 23,293.91, after falling 28.63 points Thursday.

The Topix index of all TSE first-section issues fell 8.70 points, or 0.51 percent, to close at 1,699.36 after a 2.92-point drop the previous day.

Both indexes were pressured by stock drops in Asia, especially China, as well as profit-taking before the weekend, brokers said.

The indexes canceled out early gains that reflected optimism about the U.S.-China trade talks and a weaker yen against the dollar, brokers said.

The market’s gradual fall in the afternoon was caused by “a drop in the Hong Kong market,” Toyo Securities Co. strategist Hirohumi Yamamoto said.

Brokers said trading was thin throughout the day as foreign investors left for the Thanksgiving holiday.

Some brokers said expectations for progress in trade talks between Washington and Beijing remain high even after U.S. President Donald Trump on Wednesday signed legislation supporting the democracy protesters in Hong Kong into law.

Market players think the United States and China will keep the trade negotiations separate from the Hong Kong situation, the brokers said.

On the TSE’s first section, falling issues outnumbered rising ones 1,184 to 856, while 117 issues were unchanged. Volume rose slightly to 994 million shares from Thursday’s 925 million shares.

Kakaku.com and Gurunavi fell on a news report that the Fair Trade Commission is looking into the business practices of restaurant-booking websites.

Toyo Tire dropped 2.96 percent and Bridgestone fell 0.41 percent on news that the companies will sell half of the shares they currently hold in each other.

Clothing retailer Shimamura and technology investor SoftBank Group also went down.

On the other hand, Duskin rose 3.47 percent a day after the cleaning equipment and service provider announced a plan to buy back its own shares.

Among other winners were Yokogawa Electric and Panasonic.

In index futures trading on the Osaka Exchange, the key December contract on the Nikkei average fell 120 points to end at 23,290.