BUSINESS Tokyo stocks open lower on profit taking

BUSINESS

Tokyo stocks open lower on profit taking

AFP

08:24, October 12, 2020

File photo: AFP

Tokyo stocks opened lower on Monday on profit-taking despite US rallies, with investors closely watching the US presidential election campaigns.

The benchmark Nikkei 225 index was down 0.14 percent, or 33.56 points, to 23,586.13 in early trade, while the broader Topix index slipped 0.12 percent, or 2.02 points, to 1,645.36.

"The Japanese market is seen dominated by profit-taking, extending weak performances on Friday," senior market analyst Toshiyuki Kanayama of Monex said in a note.

Investors remained cautious ahead of corporate earnings season later this month and are closely watching developments in the US presidential election campaigns, analysts said.

The dollar fetched 105.60 yen in early Asian trade, against 105.61 yen in New York late Friday.

Among major shares in Tokyo, Toyota was down 0.72 percent at 6,917 yen despite a 25 percent rise in its vehicle sales in China in September, while its rival Honda was down 1.53 percent at 2,542.5 yen.

ANA Holdings was up 0.90 percent at 2,422 yen after a weekend report that the airline will allow its employees to do a side job. Its rival Japan Airlines was down 0.52 percent at 1,990 yen.

On Wall Street, the Dow ended 0.6 percent higher at 28,586.90 on Friday. Monday is a public holiday in the United States.

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