2023-05-31 01:57:00
[Tokyo, 31st Archyde.com]- In the morning of the Tokyo stock market, the Nikkei Stock Average dropped 351.62 yen from the previous business day to 30,976.54 yen. The Nikkei average had been rising for four days in a row until the previous day, and since it was in the high price range following the bubble, profit-taking selling became dominant.
The Nikkei Stock Average started off with a sharp decline of 271 yen. After that, the range of decline was expanded, and it fell to 30,928.88 yen, which was 399 yen lower than the previous business day. The market was weighed down by the weak performance of stocks with a large contribution to the index and by the fact that the yen was slightly stronger than during the trading hours of the previous day. After that, the Nikkei Stock Average was reluctant to move down when it was reported that the U.S. House of Representatives Steering Committee passed a bill to temporarily suspend the federal debt ceiling on the 30th by a majority of 7 to 6. Towards the close of the previous quarter, the margin of decline expanded once more, and almost all of the prices were declining.
Shingo Ide, Chief Equity Strategist at NLI Research Institute, said, “Amid concerns over high prices, the yen moved slightly higher following the close of trading the previous day, which may have triggered profit-taking selling.” He expressed his view. However, although some short-term sources have taken profit-taking sales, it is said that they are not selling in earnest because important economic indicators will be announced in the United States following today.
China’s National Bureau of Statistics released its manufacturing purchasing manager’s index (PMI) for May at 48.8, lower than market expectations. Mr. Ide pointed out, “The market has taken into account the sluggish recovery of the Chinese economy to some extent, so it was not a negative surprise.”
TOPIX closed the morning at 2137.87 points, down 0.99%. The trading value of the Tokyo Stock Exchange prime market was 1,792,872 million yen. Of the 33 industries on the Tokyo Stock Exchange, prices fell in 32 industries, including wholesale, steel, and mining. Banks were the only ones who saw price increases.
Individually, Fast Retailing, which has a large contribution to the index, fell 1.6%, Tokyo Electron fell 1.4%, and Advantest fell 2.1%. On the other hand, the SoftBank Group was firm, rising 1.4%.
In the TSE prime market, 220 issues (11%) rose, 1,565 issues (85%) fell, and 50 issues (2%) remained unchanged.
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