1st LD Writethru: Tokyo stocks close lower on profit-taking after surge

Source: Xinhua| 2019-12-16 17:49:06|Editor: xuxin
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TOKYO, Dec. 16 (Xinhua) -- Tokyo stocks closed lower Monday as investors took profits after the Nikkei surged 2.55 percent late last week on eased concerns about the outlook for the global economy.

The 225-issue Nikkei Stock Average lost 70.75 points, or 0.29 percent, from Friday to close the day at 23,952.35.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, fell 3.11 points, or 0.18 percent, to finish at 1,736.87.

Investors opted to local in gains for the time being, with sentiment somewhat buoyed by eased concerns about the future course of the economy, based on recent economic and trade reports, brokers here said.

But losses widened and the market slipped into negative territory in later trade as investors hit the sidelines to await definitive details on trade issues and ahead of key manufacturing data due out from the U.S. and Europe, investment strategists highlighted.

Following the Nikkei closing at more than a one-year high last Friday, exporters and cyclical issues came under selling pressure, with Sumco losing 1.6 percent, while Panasonic slid 2.0 percent by the close.

Air conditioner maker Daikin Industries, meanwhile, ended the day 2.0 percent lower.

Some issues driven by domestic demand found favor, however, with real estate-linked stocks gaining ground.

Tokyu Fudosan Holdings added 2.0 percent, while Mitsui Fudosan finished 0.9 percent higher.

By the close of play, rubber product, marine transportation and metal product-linked issues comprised those that declined the most.

Issues that fell outpaced those that rose on the First Section by 1,047 to 992, while 118 ended the day unchanged.

On the main section on Monday, 1,134.44 million shares changed hands, dropping from Friday's volume of 1,935.74 million shares.

The turnover on the first trading day of the week came to 1,861.7 billion yen (17.00 billion U.S. dollars).

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