Tokyo stocks close lower on Wall Street rout

The benchmark Nikkei 225 index ended down 0.04 per cent, or 8.54 points, at 23,485.80 while the broader Topix index was down 0.09 per cent, or 1.45 points, at 1,617.53 at the close. — Reuters pic

TOKYO, Oct 27 ― Tokyo stocks edged lower today as bargain-hunting purchases failed to fully offset losses in early trade following a rout on Wall Street.

The benchmark Nikkei 225 index ended down 0.04 per cent, or 8.54 points, at 23,485.80 while the broader Topix index was down 0.09 per cent, or 1.45 points, at 1,617.53 at the close.

“The Japanese market is led by sell orders with investors discouraged by sharp falls in US shares,” Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

“With a record number of new infections on October 23 in the US, worries are growing among investors” prompting position-adjustment selling, he said.

Some investors, however, sought to buy shares that had fallen, supporting the downside, he said in the afternoon.

The dollar fetched ¥104.69 (RM4.16) in Asian trade, against ¥104.84 in New York late yesterday.

In Tokyo, ANA Holdings dropped 3.17 per cent to ¥2,290 ahead of its second quarter earnings report and details on restructuring plans.

After the closing bell, ANA said it forecasts a record annual loss of ¥510 billion for the current financial year to March.

Its rival JAL plunged 4.27 per cent to ¥1,949.

Nissan Motor was down 1.61 per cent at ¥384.7 despite reports it will boost production in China by 30 per cent next year.

Its rival Honda was down 1.74 per cent at ¥2,540 while Toyota was down 0.41 per cent at ¥6,961.

But Panasonic ended up 0.40 per cent at ¥911.2 and Sony closed up 1.03 per cent at ¥8,100. ― AFP

Source: Malay Mail