Achi news desk-
Tokyo, (UrduPoint News / Pakistan Point – 28th Mar, 2024 ) Tokyo shares ended lower on Thursday after investors locked in dividend rights during the previous session.
The benchmark Nikkei 225 index fell 1.46 percent, or 594.66 points, to close at 40,168.07, while the broader Topix index lost 1.73 percent, or 48.47 points, to 2,750.81.
“Although the major indexes rose overall in the US and European markets, a wide range of stocks sold off in Tokyo due to the impact of ex-dividends of major companies,” IwaiCosmo Securities said.
The Nikkei surged on Wednesday, the last day for investors to secure the rights to dividends for various shares before Japan’s financial year ends this week.
The main index was expected to fall on Thursday as investors adjusted their views, even as a sense of optimism about Japanese shares persisted.
The Tokyo market was also under pressure after recent rallies, analysts said.
Eyes are on the forex market after the Yen plunged on Wednesday to 151.
97 to the Dollar — a 34-year low — before hovering around 151.25 yen as European markets opened.
This prompted Tokyo Currency officials to reiterate that they may take action if they see excessive currency movements.
The dollar stood at 151.35 yen in Tokyo on Thursday.
Among major shares, SoftBank Group slipped 0.96 percent to 8,962 yen, while Sony Group fell 2.08 percent to 12,930 yen.
Chip-related shares were lower, with Tokyo Electron falling 0.63 percent to 39,260 yen and Advantest losing 1.62 percent to 6,695 yen.
Mitsubishi Heavy Industries jumped 1.37 percent to 1,365 yen after dropping on Wednesday, as the government announced a plan to develop a new passenger jet that the company is expected to help develop.
Kobayashi Pharmaceutical added 0.62 percent to 4,905 yen. The company’s shares plunged earlier this week as it faced growing fears over its health supplements following a recall.
