Tokyo stocks end record winning streak

 25 Oct 2017 - 10:33

Tokyo stocks end record winning streak
File Photo: AFP.


Tokyo: Tokyo's benchmark index closed lower Wednesday, ending the longest winning streak in its nearly 70-year history.

The Nikkei 225 lost 0.45 percent, or 97.55 points, to finish at 21,707.62, after 16 straight gains, while the broader Topix index slipped 0.31 percent, or 5.49 points, to 1,751.43.

"It's no surprise to see the steam expire after days of rallies, as investors might want to take profit," said Hideyuki Suzuki, head of investment information department at SBI Securities.

Investors are also watching company earnings reports, he said.

"Japanese shares may continue gains, but it depends on individual company performances," Suzuki added.

Canon rose 0.78 percent to 4,127 yen after the digital camera manufacturer revised up its net profit outlook to 245 billion yen ($2.2 billion) for this year, from an earlier estimate of 220 billion yen.

Kobe Steel rose 3.88 percent to 909 yen, rising for a second straight day after sinking last week over a quality control problem.

However, pharmaceutical firm Mitsubishi Tanabe Pharm dropped 6.50 percent to 2,531 yen after it revised down its first-half net profit forecast to 29.5 billion yen from an earlier estimate of 32.5 billion yen.

KDDI telecoms group fell 1.81 percent to 3,028 yen after a brokerage revised down its value in a report.

Precision motors manufacturer Nidec fell 0.53 percent to 14,740 yen even after it boosted full-year operating profit target by three percent to 170 billion yen.

Investors have already priced in expectations for a sound earnings report for Nidec, said Suzuki.