Tokyo stocks close lower on profit-taking, falling U.S. auto sales weigh

Source: Xinhua| 2018-10-03 19:07:25|Editor: xuxin
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TOKYO, Oct. 3 (Xinhua) -- Tokyo stocks closed lower Wednesday as investors moved to take profits following the Nikkei index's recent near 27-year closing highs, while a firm yen and a slump in U.S. vehicle sales weighed on auto issues.

The 225-issue Nikkei Stock Average lost 159.66 points, or 0.66 percent, from Tuesday to close at 24,110.96.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, dropped 21.30 points, or 1.17 percent, lower to finish at 1,802.73.

The Nikkei's recent string of closing highs over the past three weeks, which have seen the index surge more than 6 percent, saw investors actively securing profits, local brokers said.

The yen's rise against the U.S. dollar in early trade owing to concerns over Italy's budget deficit, also added to a disinclination to chase the market higher, they added.

Putting pressure on the auto sector here was data showing that new vehicles in the U.S. sold at a slower pace than expected in September, market analysts also highlighted.

"U.S. new vehicles data put pressure on both the indices (Nikkei and Topix), prompting selling of the related issues," Hiroaki Kuramochi, chief market analyst at Saxo Bank Securities Ltd., was quoted as saying.

By the close of play, transportation equipment, oil and coal product, and consumer credit-linked issues comprised those that declined the most, and falling issues beat rising ones by 1,714 to 331 on the First Section, while 65 ended the day unchanged.

On the main section on Wednesday, 1,463.69 million shares changed hands, dropping from Tuesday's volume of 1,473.98 million shares.

The turnover on the third trading day of the week came to 2,699.3 billion yen (23.71 billion U.S. dollars).

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