Mon, 18 Jan 2021

TOKYO, Nov. 30 (Xinhua) -- Tokyo stocks closed lower Monday amid concerns that the market has overheated recently.

The 225-issue Nikkei Stock Average decreased by 211.09 points, or 0.79 percent lower, from Friday to close at 26,433.62.

The Nikkei index gained 3,456.49 points or 15.04 percent in November, logging the biggest point rise since May 1990 and the third-largest monthly rise on record as investors' confidence was boosted by COVID-19 vaccine progress and perceptions of more certainty over the U.S. presidential election.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, ended 31.60 points, or 1.77 percent lower, at 1,754.92.

Mining, rubber product, and oil and coal product issues comprised those that decreased the most by the close of play.

The Tokyo stocks showed firmness in the early morning following Wall Street's gain last week.

The benchmark Nikkei index briefly increased by almost 190 points to reach its highest level in 29 years and seven months.

The brokers also said that Chinese factory activity statistics for November released later in the morning was stronger than expected, contributing to market confidence.

However, the market players pared gains as selling pressure grew in the afternoon amid concerns over the market's recent overheating.

Energy issues notably decreased following their strong rise last week, with oil explorer Inpex shedding 4.4 percent and Japan Petroleum Exploration losing 5.9 percent. Refiner Cosmo Energy Holdings also decreased 3.1 percent.

ANA Holdings declined 0.9 percent as the parent of All Nippon Airways said last week it will raise up to 332.13 billion yen (3.2 billion U.S. dollars) by issuing new shares.

On the First Section, decreasing issues outnumbered gainers 1,810 to 335, while 32 finished the day unchanged.

Trading volume on the main section surged to 2,487.79 million shares compared to Friday's 1,529.50 million shares.

More Japan News

Access More

Sign up for Osaka News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!