Asian stocks down in thin holiday trade

Monday 26 December 2016 2 months ago 42   Tokyo   Print

Stocks in Tokyo and Shanghai were down in quiet trading.

Report  Web desk : Stocks in Tokyo and Shanghai lost ground Monday in quiet trading with most of the region’s other key markets closed for public holidays. Both Japan and China declined as investors cashed in on a recent global rally fuelled largely by expectations for the incoming administration of US President-elect Donald Trump. Incentives were few and the Dow Jones Industrial Average, which on Friday again fell short of 20,000 points in light trade ahead of the holiday weekend,provided no tailwind. The benchmark Nikkei 225 index of Tokyo, which was closed on Friday for a national holiday, ended down 0.16 percent, or 31.03 points, to 19,396.64. The broader Topix index of all first-section issues fell 0.37 percent, or 5.68 points, at 1,538.14. Selective shares are facing profit-taking following the recent gains, as many investors are on the sidelines in a holiday mood, looking to fresh factors to trade," said Shinichi Yamamoto, broker at Okasan Securities in Tokyo. The banks of Japan remained under selling pressure on negative news in the sector from overseas.