Japanese shares end lower as cyclical stocks drag; Toshiba slips

TOKYO, June 11 (Reuters) - Japanese shares ended marginally lower on Friday as losses in cyclical stocks, as well as banks and property firms, offset gains in heavyweight technical firms.

The Nikkei share average .N225 closed 0.03% down at 28,948.73, while the broader Topix .TOPX slipped 0.14% to 1,954.02. For the week, the Nikkei traded in a narrow range, posting a marginal gain of 0.02%.

Toshiba Corp 6502.T shed 1.59% after an explosive investigation released on Thursday found the company and the government colluded to lean on foreign investors to fall in line with management's wishes.

"Japan's technology stocks are bought as the Nasdaq's gain and the fall in U.S. interest rates lifted investor sentiment," said Jun Morita, general manager of the research department at Chibagin Asset Management.

"But the market was weighed down by uncertainties. It's hard for investors to decide to sell or buy when the Nikkei hovers around the 29,000-level as they are not necessarily optimistic about the Japanese market outlook."

Some market participants doubt Japan's economy will recover as quickly as that of the United States and other advanced nations, as the country grapples with a fourth wave of the pandemic.

Staffing agency Recruit Holdings 6098.T fell 2.53%, the biggest drag on the Nikkei, while machinery makers Kubota 6326.T and Komatsu 6301.T lost 4.49% and 3.24%, respectively.

Banks .IBNKS.T and property firms .IRLTY.T declined the most among the 33 industry sub-indexes.

Technology firms advanced, with a medical platform M3 Inc 2413.T rising 3.12%, Advantest 6857.T gaining 0.61% and Tokyo Electron rising 0.65%.

Drugmaker Eisai 4523.T jumped 7.0% after a sharp fall in the previous session amid a volatile trade this week following U.S. regulators' approval of a drug developed by the firm and Biogen BIIB.O for Alzheimer's disease.
Reporting by Junko Fujita; Editing by Ramakrishnan M.

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.