Japanese shares slip as investors book profits in chip stocks

  • Reuters
  • Stock Market News
Japanese shares slip as investors book profits in chip stocks
Credit: © Reuters.

TOKYO, Feb 24 (Reuters) - Japanese shares fell on Wednesday as investors booked profits in chip-related shares following a decline in the Nasdaq index , while the pandemic-driven stocks shined on hopes for normalization in the economy.

The Nikkei share average .N225 slipped 0.7% to 29,952.25 by 0203 GMT, while the broader Topix .TOPX fell 0.86% to 1921.68.

"Unstable moves of the U.S. market overnight has made investors in Japan get worried about the outlook," said Koichi Kurose, chief strategist at Resona Asset Management.

"Investors are rotating their targets now because of the rollouts of vaccines, which makes the virus-hit shares attractive."

The Nasdaq was the only major U.S. stock index to lose ground overnight while Wall Street reversed its losses, with the S&P 500 and the Dow reclaiming positive territory. .N

Chip and electronics shares fell in Japan, with Nidec 6594.T falling 4.3%, Murata Manufacturing 6981.T slipping 4.05%, Shin-Etsu Chemical 4063.T losing 3.44% and Tokyo Electron 8035.T falling 1.81%.

On the other hand, shares of department store operators jumped. J.Front Retailing 3086.T , up 5.85%, was the biggest gainer in the Nikkei, followed by Isetan Mitsukoshi Holdings 3099.T , which rose 5.74%, and Takashimaya 8233.T that gained 5.7%.

Governors of Osaka and other main western cities have requested early lifting of a state of emergency as Japan's COVID-19 cases began falling, according to local media reports.

Railway and airline shares gained, with Japan Airlines 9201.T rising 4.68% and ANA Holdings 9202.T gaining 3.25%.

Central Japan Railway 9022.T jumped 1.88% even as the operator of bullet trains between Tokyo and Osaka flagged bigger losses for the year ended March. East Japan Railway 9020.T rose 1.77%.

The stocks that gained the most among the top 30 core Topix included Mitsui & Co 8031.T , up 2.69 %, followed by Hitachi Ltd 6501.T that rose 2.53%.

The underperformers among the Topix 30 were Hoya Corp 7741.T , down 5.44%, followed by Keyence Corp 6861.T that lost 4.65%.

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