Tokyo stocks bled on profit-taking Monday, with the benchmark Nikkei average snapping its four-session winning streak.
The Nikkei average of 225 selected issues listed on the first section of the Tokyo Stock Exchange lost 192.61 points, or 0.83 percent, to end at 23,096.75, On Friday, the benchmark index rose 39.75 points.
The Topix index of all first-section issues lost 13.56 point, or 0.84 percent, to close at 1,609.82 after retreating 0.77 point the previous trading day following a three-day rally.
From the outset, investors moved to sell to lock in profits from the previous week’s bull run, which saw the Nikkei gain nearly 960 points.
Amid the absence of strong buying incentives, the market failed to shrug off profit-taking pressure throughout the session, brokers said, adding that the Nikkei, however, showed some resilience after slipping through the psychologically important 23,000 line.
Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co., pointed out that the annualized 27.8 percent contraction to real gross domestic product in April-June announced just before the opening bell fell within market expectations.
“But investors reacted negatively to plunges in private consumption and exports shown by the GDP data,” he said.
Ichikawa also noted that sentiment was further dampened by media reports that the United States and China had indefinitely postponed a meeting to review their “phase one” trade deal initially. The meeting was slated for Saturday.
On the first section, falling issues outnumbered rising ones 1,452 to 635 with 86 issues unchanged. Volume dropped to 819 million shares from Friday’s 1.055 billion.
Cosmo Energy and other oil issues suffered from lower crude oil prices.
Restaurant chain Watami plunged 4.59 percent after posting a ¥3.7 billion operating loss for April-June.
Among other major losers were technology investor SoftBank Group, drugmaker Chugai and air conditioner maker Daikin.
On the other hand, winners included Nissan and engineering company JGC.
In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average shed 200 points to end at 23,080.