Fri, 29 Oct 2021

TOKYO, Sept. 16 (Xinhua) -- Tokyo stocks closed lower Thursday with market participants locking in recent gains following the record highs in 31 years of the Nikkei and Topix indexes.

The 225-issue Nikkei Stock Average finished down 188.37 points, or 0.62 percent, from Wednesday at 30,323.34.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange ended 6.23 points, or 0.30 percent, lower at 2,090.16.

Declining issues were led by marine transportation, glass and ceramics product, and real estate issues.

The stock market initially moved higher, following Wall Street's overnight gains, but then dropped into the negative territory and saw more decline throughout the day, also dragged down by losses in Asian stock markets, brokers said.

"There was a sense of achievement after the market hit its highest level in 31 years earlier this week, and stocks were pushed down by investors who continued to lock in gains amid heightening concerns about overheating in the market," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co.

But the upcoming presidential election of the ruling Liberal Democratic Party to be held on Sept. 29 backed up the market sentiment, as investors have high expectations over the new potential anti-virus measures and a stimulus package by Prime Minister Yoshihide Suga's successor, who will be effectively decided in the leadership race.

On the First Section, decliners outnumbered advancers 1,186 to 892, while 110 finished unchanged.

Department stores showed an uptrend against the market's downward trend, as the new COVID-19 cases kept declining nationwide and the vaccination rate goes up steadily, brokers said.

Isetan Mitsukoshi Holdings increased 1.0 percent, while Takashimaya gained 1.0 percent.

Energy-related shares followed growths in the U.S. markets tracking an overnight rise in crude oil futures. Eneos Holdings advanced 1.7 percent, and Inpex climbed 1.9 percent.

Tokyo Electron dropped 3.0 percent, as investors locked in gains after the growth of the firm's shares exceeded 20 percent in the previous three weeks.

Trading volume on the main section increased to 1,261.50 million shares from Wednesday's 1,205.72 million shares.

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