Japanese Stocks Fluctuate as Tech Shares Follow US Peers Higher
Japanese stocks fluctuated as tech shares followed their US peers higher on a report Nvidia's chief executive officer was done selling shares. Banks declined after long-term Treasury yields dropped overnight.
Topix fell 0.1% to 2,653.09 as of 9:16 a.m. Tokyo time. Nikkei 225 advanced 0.1% to 37,990.03.
Mitsubishi UFJ Financial Group contributed the most to the Topix's decline, decreasing 2.3%. Out of 2,129 stocks in the index, 849 rose and 1,102 fell, while 178 were unchanged.
"The current level is high for buying and low for selling, and there is a lack of material today," says Ryuta Otsuka, a strategist at Toyo Securities. "The Nikkei 225 is likely to hover around 38,000."
19 of the 33 sector indexes on the Tokyo Stock Exchange declined; Tokyo Stock Exchange TOPIX Machinery Index was the best performer, while Tokyo Stock Exchange TOPIX Insurance Index fell the most.
The MSCI AC Asia Pacific Index was up 0.3%. Topix Index is up 12% year-to-date, vs. MSCI AC Asia Pacific Index up 12%. Topix Index members are trading at 9.2 times their estimated earnings for the next 12 months.
Source : Bloomberg
