Tokyo stocks edge down at the close
Tokyo,(MILLAT ONLINE):Tokyo stocks ended lower on Tuesday as investors took profits off the table ahead of the start of the year-end holiday season.
The Nikkei 225 index slipped 0.15 percent, or 33.77 points, to close at 22,868.00. The broader Topix index was down 0.15 percent, or 2.72 points, at 1,815.18.
Shares gained in early trade following rallies in global markets as a massive US tax cut plan neared its final passage.
But the key index lost steam after approaching the psychologically important 23,000 level.
“After a buying spree on expectations on legislation of the US tax reform in morning trade, profit-taking purchases started to take place,” SBI Securities said in a commentary.
“Blue-chip shares were sold as investors shifted towards the end of this year’s trade,” said Yoshihiro Ito, chief strategist at Okasan Online Securities.
Panasonic closed down 0.62 percent at 1,664 yen while Mitsubishi UFJ Financial was down 0.47 percent at 817.7 yen.
As panda frenzy reached a climax Tuesday with hundreds of fans flocking to a Tokyo zoo for the first public viewing of a baby panda cub, related shares dropped on profit-taking.
Operators of restaurants near the zoo after rising intermittently in the past few weeks. Totenko sank 7.92 percent to 2,357 yen and Seiyoken plummeted 16.36 percent to 1,589 yen.
The dollar traded 112.52 yen, against 112.56 yen in New York late Monday.