- MarketPulse - https://www.marketpulse.com -

Japan Stocks Rise but Closes Off Intraday High due to Profit Taking

The Nikkei Stock Average rose to a fresh seven-month high but closed well off its intraday high on Monday as investors locked in recent gains during afternoon trading.

The 225-issue average finished up 22.14 points, or 0.24 percent, from Thursday at 9,388.94, its highest close since May 1, after gaining as much as 121 points in the morning. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 3.07 points, or 0.40 percent to 779.50.

Japan’s financial markets were closed Friday for a national holiday.

Steelmakers, utilities and brokerage houses saw the biggest gains in percentage terms, while oil distributors, real estate developers and insurers suffered losses.

The Tokyo market maintained upward momentum for most of the day, buoyed by the yen’s weakness and Wall Street’s strong performance on Black Friday last week.

But investors locked in gains toward the close amid a lack of fresh buying incentives as the yen began to regain some ground against the U.S. dollar and the euro, brokers said.

via Mainichi [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza