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Nikkei dips on profit-taking in large caps after recent rally

Published 12/20/2019, 10:25 AM
Updated 12/20/2019, 10:32 AM
Nikkei dips on profit-taking in large caps after recent rally

TOKYO, Dec 20 (Reuters) - Japan's Nikkei share average
dipped on Friday as investors took profits, especially in shares
of large-cap companies, and awaited more clarity on a U.S.-China
trade deal.
The Nikkei share average .N225 fell 0.25% to 23,805.91,
while the broader Topix .TOPX lost 0.31% to 1,730.73, with the
Topix core 30 of the biggest firms falling 0.6%.
Investors were taking profits ahead of the year-end holiday
period after Japanese shares hit a 14-month high earlier this
week on a boost from the tentative trade deal being finalised
between Washington and Beijing.
Still, with a generally optimistic mood in the market
underpinning many small cap shares, the number of advancers and
decliners were almost even, with 22 making gains against every
23 decliners on the main board.
Sony Corp 6758.T , one of the strongest performers over the
past month, dropped 2.0% while Hitachi Ltd 6501.T , another
recent outperformer, fell 0.2%.
Among big technology names, Keyence 6861.T shed 1.5% and
robot maker Fanuc 6954.T lost 2.4%.
Carmakers were hit by the dollar's retreat overnight from
near six-month high levels against the yen JPY= . Suzuki Motor
Corp 7269.T dropped 1.6% and Toyota Motor Corp 7203.T shed
1.2% and Mazda Motor Corp 7261.T fell 1.0%.
Nuflare Technology Inc 6256.T dropped 9.2% after Toshiba
Corp 6502.T said it had no intention of accepting Hoya Corp's
7741.T sweeter bid in Nuflare or raising its own bid.
Toshiba and Hoya have been competing for the ownership of
Nuflare, which is currently owned 52.4% by Toshiba. Toshiba dropped 0.4% while Hoya was down 0.2%.
Homebuilder Hosoda Corp 1906.T soared 23.1% after Haseko
Corp 1808.T , constructor specialised in condominium, announced
a tender offer on Hosoda. Haseko dipped 0.8%.

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