Japanese stocks fall on profit booking

The Japanese stock market ended its volatile session on Tuesday, May 31, 2022, ending a two-day winning streak as investors opted to secure recent profits after the Nikkei index hit a one-month high the day before.

In addition, the lack of clues from Wall Street overnight due to the Memorial Day holiday as well as the European Union leaders’ new sanctions against Russia for its invasion of Ukraine also weighed on sentiment. of risk. In addition, market sentiment was weighed on concerns about slowing global growth after official data from China showed factory activity contracted again in May.

At the close, the 225-number Nikkei Stock Average fell 89.63 points, or 0.33%, to 27,279.80. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 9.77 points, or 0.51%, to 1,912.67.

In total, 27 of the 33 TOPIX sectors ended the session in the red, with maritime transport (down 2.6%), real estate (down 2.4%), air transport (down down 2.1%), electric power and gas (down 1.5%) and banks (down 1.1%) suffered the largest percentage losses.

Shares of shipping issues have fallen after recent gains. Nippon Yusen fell 2.1% and Mitsui O.

SK Lines fell 3.4%.

Shares of energy-related issues jumped after crude oil futures rose after the European Union agreed on Monday to ban 90% of Russian oil imports. Oil explorer Inpex jumped 6.2% and Japan Petroleum Exploration jumped 8%.

Among individual stocks, Subaru rose 4.5%, after the automaker said its global production rose 63.3% in April from a year earlier, the first rise in three months.

CURRENCY NEWS: The Japanese yen was trading at 127.96 to the dollar after weakening yesterday from levels below 127.2 against the greenback.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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