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Japanese shares end nearly flat as year-end selloff by funds erases tech gains

Published 03/10/2021, 02:35 PM
Updated 03/10/2021, 02:40 PM
© Reuters.
JP225
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TOPX
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6758
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9433
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5401
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5406
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5411
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6857
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6954
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9983
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2413
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TOKYO, March 10 (Reuters) - Japanese shares were little
changed on Wednesday, as gains in technology stocks tracking an
overnight Wall Street rally were snapped by a fiscal year-end
selloff by domestic funds.
The Nikkei index .N225 inched up 0.03% to close at
29,036.56, while the broader Topix .TOPX gained 0.11% to
1,919.74.
Nikkei rallied to a 30-year high last month on expectations
of a swift economic rebound and robust corporate earnings. Fund
houses are booking profits before the fiscal year ends this
month.
"This is all about the move toward the fiscal year end,"
said Shoichi Arisawa, general manager for investment research
department at IwaiCosmo Securities.
"Pension and other funds are trying to cut their stock
holdings that increased during the rally. The sell-off will
continue throughout the month and this will weigh on indexes."
Technology shares rose, tracking an about 4% gain in
tech-heavy Nasdaq in its biggest single-day rise since Nov. 4,
as U.S. bond yields retreated. .N
Fanuc 6954.T , which gained 3.35%, was the biggest
contributor to the Nikkei, followed by phone operator KDDI
9433.T , which rose 3.44%. Chip testing equipment maker
Advantest 6857.T rose 2.34% and Sony 6758.T rose 1.76%.
Terumo changed its course to fall 0.33% after rising on the
news that the medical equipment maker has developed a new
syringe that can get seven doses out of each vial of COVID-19
vaccine made by Pfizer Inc PFE.N . Steel and mining sectors fell the most among the 33 sector
sub-indexes on Topix, with JFE Holdings 5411.T , Kobe Steel
5406.T and Nipon Steel 5401.T dropping 3.4%, 3.32% and
2.54%, respectively.
Index heavyweights Fast Retailing 9983.T , a Uniqlo brand
clothing shop operator, lost 2.41% and online medical platform
M3 2413.T fell 6.19%.


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