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Nikkei pauses as profit-taking hits transport stocks

Published 05/27/2020, 11:28 AM
Updated 05/27/2020, 11:30 AM
© Reuters.
JP225
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TOPX
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9021
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9022
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8035
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9202
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6857
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SYDNEY, May 27 (Reuters) - Japan's benchmark stock index
Nikkei paused on Wednesday after hitting a 2-1/2-month high in
the last session, as investors locked in profits from recent
strong gains in transport companies.
The Nikkei average .N225 eased 0.02% to 21,266.23 by the
midday break, after moving back and forth between positive and
negative territories in morning trade. It gained 4.3% in the
previous two sessions to hit its highest level since March 5.
Japanese Prime Minister Shinzo Abe on Monday lifted the
coronavirus state of emergency in greater Tokyo and northern
island of Hokkaido, ending the restrictions nationwide as
businesses begin to reopen. Investors cheered the decision as getting greater Tokyo,
which accounts for one-third of Japan's gross domestic product,
back on its feet is vital to the country's overall economic
recovery, resulting in a rally in air and land transport
companies this week.
West Japan Railway 9021.T dropped 3.3% and Central Japan
Railway 9022.T shed 2.6%, while ANA Holdings 9202.T slipped
1.3% as investors moved to pocket profits from recent gains.
Tokyo-listed semiconductor-related companies also came under
pressure amid rising tensions between the United States and
China.
Chipmaking gear manufacturers Tokyo Electron Ltd 8035.T
and Screen Holdings slid 4.0% each, and test device maker
Advantest Corp 6857.T fell 1.8%.
U.S. President Donald Trump said late on Tuesday he was
preparing to take action against China this week over its effort
to impose national security laws on Hong Kong, but gave no
further details. The broader Topix .TOPX edged up 0.2% to 1,538.20 by the
recess, its highest midday level since March 3, with about
two-thirds of 33 sector sub-indexes on the Tokyo exchange
trading higher.

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