Tokyo, Aug. 22 (Jiji Press)–Stocks fell moderately on the Tokyo Stock Exchange Friday morning as players moved to reap profits from the market’s recent steep rally.<\/p>\n
“Hedge funds and many other players sold shares to cash in on their gains ahead of the weekend,” said Hiroaki Kuramochi, head of the global equities division at Credit Lyonnais Securities (Japan).<\/p>\n
At the morning close, the 225-issue Nikkei average stood down 43.15 points from Thursday at 10,319.54. The average grew 70.63 points the previous day.<\/p>\n
The TOPIX index of all first-section issues was down 0.87 point at 1,008.71. It was up 8.50 points on Thursday.(MORE)ADD:<\/p>\n
Losers led gainers 800 to 553 on the first section in the morning, while 164 issues were flat.<\/p>\n
Half-day volume came to 781 million shares.<\/p>\n
The Nikkei average opened moderately higher after U.S. stocks rebounded overnight on a series of positive economic indicators, such as the Federal Reserve Bank of Philadelphia’s August manufacturing index which showed a stronger-than-expected increase.<\/p>\n
The Nikkei soon slid into negative territory and lost about 100 points, partly due to arbitrage selling linked to large-lot selling in the stock index futures market.<\/p>\n
The yen’s appreciation also pressured export-oriented tech firms and automakers.<\/p>\n
But the Nikkei trimmed the loss later reflecting strong bargain- hunting appetite among domestic institutional investors, one market source said.<\/p>\n
While a sense of overheating has been increasing in the market after the Nikkei’s 5.1 pct rise in its four-day winning streak through Thursday, players largely remain bullish about the course of the market.<\/p>\n
Credit Lyonnais’ Kuramochi said, “The Nikkei may fall back to around 10,050 in a correction phase next week, but the market is expected to regain strength later.”(MORE)THIRD:<\/p>\n
Among high-techs, heavyweights like Tokyo Electron, Advantest, Kyocera and TDK lost ground.<\/p>\n
Selling also hit many automakers including Toyota, Honda and Nissan.<\/p>\n
General contractors like Taisei and Kajima were weaker.<\/p>\n
On the sunny side were retailers like Ito-Yokado, Aeon and Seven- Eleven Japan.<\/p>\n
The Big Four banking groups of Mizuho, Mitsubishi Tokyo, UFJ and Sumitomo Mitsui ended the morning higher.<\/p>\n
Nonlife insurers gained steam among them Millea Holdings and Mitsui Sumitomo Insurance. Sompo Japan Insurance hit a fresh year- to-date high on the firm’s announcement Thursday that it has launched weather derivatives products targeting the tourism industry.<\/p>\n
Nippon Steel and Sumitomo Metal Industries also posted new highs for the year. Sumitomo Metal was the most actively traded first- section issue in the morning. Nippon Steel ranked second.<\/p>\n","protected":false},"excerpt":{"rendered":"
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