Nikkei falls on profit-taking, financials weigh, Toyota bucks trend
8 months ago kakp2 Comments Off on Nikkei falls on profit-taking, financials weigh, Toyota bucks trend
TOKYO, Nov 8 (Reuters) – Japan’s Nikkei share average slipped on Wednesday morning from the previous session’s near 26-year high as investors took their profits, dragging on financial and mining stocks.
The Nikkei dropped 0.3 percent to 22,872.59 in mid-morning trade after touching as high as 22,953.18 on Tuesday, its highest level since January 1992, after foreign investors piled into Japanese companies, expecting strong earnings.
Toyota Motor Corp bucked the weakness, rising as much as 1.8 percent to hit its highest since February 2016 after the company raised its annual operating profit forecast to 2.0 trillion yen from 1.85 trillion yen.
It also said it will buy back 1.5 percent of its own shares, worth 250 billion yen. Insurers and banks lost ground, with T&D Holdings declining 2.3 percent, MS&AD Insurance dropping 1.2 percent and Mitsubishi UFJ Financial Group falling 1.1 percent.
Mining stocks, which rallied the previous day, languished. Inpex Corp shed 0.2 percent while Japan Petroleum Exploration Co shed 0.9 percent on profit taking.
The broader Topix declined 0.2 percent to 1,810.08.