Saturday, May 18, 2024

Japanese stocks fell on US-China tensions

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Japanese stocks fell on Tuesday as tensions rose between Beijing and Washington ahead of US House Speaker Nancy Pelosi’s possible visit to Taiwan on Tuesday.

The Nikkei index fell 1.42 percent to 27,594.73 points, while the broader TOPICS index fell 1.77 percent to 1925.49 points.

“There are many reasons to sell stocks to take profits today,” said Iko Mitsui, fund manager at Aiswa Securities. First, Wall Street performed well last night. Deteriorating relations between the US and China have worried investors.

Shares of chip-making equipment maker Tokyo Electron fell two percent, the biggest decliner on the Nikkei index.

Also air conditioning maker Daikin Industries fell 3.04 percent and robotics maker Fanuc fell 2.16 percent.

Toyota Motor shares fell 2.6 percent, the biggest decliner on the TOPICS index. Shares of JSR fell 18.57 percent, the lowest daily decline, after the semiconductor materials maker cut its annual profit forecast.

Also, auto maker Hino Motors fell 9.86 percent.

On the other hand, sensor maker TDK jumped 13.5 percent after reporting a rise in its quarterly profit.

In the Nikkei index, 18 stocks advanced and 206 declined.
Reuters

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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