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Japan’s Nikkei ends lower ahead of US inflation data, election results

Japan's Nikkei ends lower ahead of US inflation data, election results

Tokyo, Nov 9 (SocialNews.XYZ) Japan's benchmark Nikkei stock index ended lower Wednesday, as investors opted for profits ahead of the release of US inflation data seen as a barometer for the future course of the US Federal Reserve's interest rate hikes.

The 225-issue Nikkei Stock Average lost 155.68 points, or 0.56 per cent, from Tuesday to close the day at 27,716.43, Xinhua news agency reported.

 

The broader Topix index, meanwhile, dropped 8.07 points, or 0.41 per cent, to finish at 1,949.49.

Dealers here said that investors chose profits rather than chasing the market higher, as the upcoming release of inflation data in the United States will inform the Fed's decision regarding its rate hikes.

"Ahead of CPI, investors have shifted to a wait-and-see posture," Takuro Hayashi, from IwaiCosmo Securities, was quoted as saying.

"Buying continues for chip-related shares and companies posting good earnings, so the market backdrop isn't bad," Hayashi said.

Adding to the wait-and-see mood, investors also refrained from bold moves ahead of the outcome of the U.S. midterm election, brokers here said.

"Following a buying spree, investors sold shares to lock in profits before the election results come out later in the day," Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co., was quoted as saying.

By the close of play, mining, oil and coal product, and air transportation issues comprised those that declined the most.

Electric-vehicle battery manufacturer GS Yuasa was the Nikkei's biggest loser, tumbling 7.4 per cent, after reporting worse-than-expected earnings, while Nintendo fell 7.1 percent, after cutting its sales outlook for its Switch game consoles.

Chip-making equipment maker Tokyo Electron was the Nikkei's top winner, climbing 1.6 percent, while Suzuki Motor accelerated 3.5 per cent, after upwardly revising its earnings forecast for the business year through March.

Issues that rose outpaced those that fell by 880 to 865, while 92 ended the day unchanged.

On the Prime Market on Wednesday, 1,281.77 million shares changed hands, dropping from Tuesday's volume of 1,344.69 million shares.

The turnover on the third trading day of the week came to 3,391.54 billion yen (23.32 billion U.S. dollars)

Source: IANS

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Japan's Nikkei ends lower ahead of US inflation data, election results

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