Japanese stocks fell Tuesday from a three and a half month high
2018-05-22 06:56 am | Resource: NEWS | No Views : 51
Japanese stocks fell Tuesday from a three-and-a-half-day high of the previous day, as financial stocks fell as investors took profits, with record gains in US bond yields.
The Nikkei was down 0.2 percent at 22,960.34. The Topix index shed 0.2 percent to 1,809.57 points on financials. The volume was weak, with 1.28 billion shares traded, the lowest since early April.
The reduction of fears of a Sino-US trade war came as Japanese stocks rose yesterday, a key factor behind Wall Street's strong gains overnight.
Analysts said that with full-year earnings data from Japanese companies, investors are waiting for new incentives.
"The Nikkei has hit a psychologically important level at 23,000, which in part is pushing for profits," said Takoya Takahashi, strategist at Daiwa Securities.
Takahashi said the annual corporate outlook is based on similar levels of the dollar versus the yen around 105, so long as the current exchange rate of the US dollar is stronger, there is hope that companies will eventually revise their earnings estimates.
"There is little concern about profits at the moment, but investors do not hope for a higher market before they are convinced that companies will do better than expected, they want to see how they will perform in the first quarter.
Japan's insurance index continued to fall this week to 4.0 percent as US bond yields fell from a seven-year high.
Investors maintained gains in the sector, one of the best performing sectors since March, as fears of trade wars gripped exporters and others vulnerable to tariff threats.
Shares in T & D Holdings fell 2.7 per cent, MS & AD fell 2.8 per cent and bank shares fell 0.3 per cent, with MUFG down 0.2 per cent.
Time frame Used - four hours The NASDAQ 100 is moving in a bullish direction in the near term the Purchasing power managed to control the movement of the NASDAQ 100 index to reach the resistance level of 7315 as we mentioned in the previous report as it faces resistance and selling pressure around this level to actually fall back to level of7183 trying to consolidate above this level In…
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