Xinhua
23 May 2023, 16:14 GMT+10
TOKYO, May 23 (Xinhua) -- The benchmark Nikkei stock index ended lower on Tuesday, snapping an eight-day winning streak, as investors opted for profits amid concerns the market might be overheating.
The 225-issue Nikkei Stock Average dropped 129.05 points, or 0.42 percent, from Monday to close the day at 30,957.77.
The broader Topix index, meanwhile, lost 14.41 points, or 0.66 percent, to finish at 2,161.49.
Local brokers said that trading got off to a bright start, hitting its highest intraday level since August 1990, but gains were pared in later trade as investors moved to secure gains following the market's recent extended rally.
"The Nikkei started to look top heavy in the afternoon, which invited some profit-taking," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, was quoted as saying.
"The drop isn't based on any news in particular. The market has been on a rising streak, resulting in it being overheated, or overbought, and profit-taking is taking place," he also said.
Semiconductor-linked issues were sold for profits, with chipmaking equipment maker Tokyo Electron weighing heavily on the market dropping 2.6 percent.
Chip-testing equipment maker Advantest was another notable loser, ending the day 1.7 percent lower.
Toyota Motor Corp. reversed 4.8 percent although some losses were trimmed by Renesas Electronics, bucking the downward trend and gaining 2.9 percent, while Trend Micro closed 2.2 percent higher.
By the close of play, transportation equipment, iron and steel and air transportation-linked shares comprised those that declined the most.
The turnover on the Prime Market on the second trading day of the week came to 3,760.11 billion yen (27.17 billion U.S. dollars).
Get a daily dose of Professional Autos news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.
More InformationRIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
CHENGDU, July 10 (Xinhua) -- At a car parts factory in southwestern Chinese city of Mianyang, a group of humanoid robots undertook...
New Delhi [India], July 9 (ANI): The 'Keel Laying' ceremony of the third Fleet Support Ships (FSS) of the Indian Navy was held at L&T...
Kochi (Kerala) [India], July 9 (ANI): The Kerala government has filed an appeal against the High Court single bench order quashing...
New Delhi [India], July 9 (ANI): Stressing that Punjab needs more water to cater to its irrigation needs, as most of the state's river...
Hyderabad (Telangana) [India], July 9 (ANI): Telangana Irrigation, Food and Civil Supplies Minister Capt. N. Uttam Kumar Reddy on Wednesday...
Hyderabad (Telangana) [India], July 9(ANI): Senior Congress leader V Hanumanth Rao on Wednesday held a day-long dharna near the Rajiv...