Xinhua
23 May 2023, 16:14 GMT+10
TOKYO, May 23 (Xinhua) -- The benchmark Nikkei stock index ended lower on Tuesday, snapping an eight-day winning streak, as investors opted for profits amid concerns the market might be overheating.
The 225-issue Nikkei Stock Average dropped 129.05 points, or 0.42 percent, from Monday to close the day at 30,957.77.
The broader Topix index, meanwhile, lost 14.41 points, or 0.66 percent, to finish at 2,161.49.
Local brokers said that trading got off to a bright start, hitting its highest intraday level since August 1990, but gains were pared in later trade as investors moved to secure gains following the market's recent extended rally.
"The Nikkei started to look top heavy in the afternoon, which invited some profit-taking," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, was quoted as saying.
"The drop isn't based on any news in particular. The market has been on a rising streak, resulting in it being overheated, or overbought, and profit-taking is taking place," he also said.
Semiconductor-linked issues were sold for profits, with chipmaking equipment maker Tokyo Electron weighing heavily on the market dropping 2.6 percent.
Chip-testing equipment maker Advantest was another notable loser, ending the day 1.7 percent lower.
Toyota Motor Corp. reversed 4.8 percent although some losses were trimmed by Renesas Electronics, bucking the downward trend and gaining 2.9 percent, while Trend Micro closed 2.2 percent higher.
By the close of play, transportation equipment, iron and steel and air transportation-linked shares comprised those that declined the most.
The turnover on the Prime Market on the second trading day of the week came to 3,760.11 billion yen (27.17 billion U.S. dollars).
Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationMOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
Los Angeles [US], July 9 (ANI): The much-loved orange cat is making a comeback. Actor Chris Pratt is all set to voice Garfield once...
Mumbai (Maharashtra) [India], July 9 (ANI): The Indian Film Festival of Melbourne (IFFM) is set to pay tribute to the legendary filmmaker...
New Delhi [India], July 9 (ANI): The Delhi High Court on Wednesday directed a special screening of the controversial film 'Udaipur...
Mumbai (Maharashtra) [India], July 9 (ANI): Malayalam actor Unni Mukundan has confirmed that his official Instagram account, which...
Mumbai (Maharashtra) [India], July 9 (ANI): Maharashtra Chief Minister Devendra Fadnavis reviewed the rainfall situation in Nagpur...