Nikkei dips on profit-taking in large caps after recent rally

  • Reuters
  • Stock Market News
Nikkei dips on profit-taking in large caps after recent rally
Credit: © Reuters.

TOKYO, Dec 20 (Reuters) - Japan's Nikkei share average dipped on Friday as investors took profits, especially in shares of large-cap companies, and awaited more clarity on a U.S.-China trade deal.

The Nikkei share average .N225 fell 0.25% to 23,805.91, while the broader Topix .TOPX lost 0.31% to 1,730.73, with the Topix core 30 of the biggest firms falling 0.6%.

Investors were taking profits ahead of the year-end holiday period after Japanese shares hit a 14-month high earlier this week on a boost from the tentative trade deal being finalised between Washington and Beijing. with a generally optimistic mood in the market underpinning many small cap shares, the number of advancers and decliners were almost even, with 22 making gains against every 23 decliners on the main board.

Sony Corp 6758.T , one of the strongest performers over the past month, dropped 2.0% while Hitachi Ltd 6501.T , another recent outperformer, fell 0.2%.

Among big technology names, Keyence 6861.T shed 1.5% and robot maker Fanuc 6954.T lost 2.4%.

Carmakers were hit by the dollar's retreat overnight from near six-month high levels against the yen JPY= . Suzuki Motor Corp 7269.T dropped 1.6% and Toyota Motor Corp 7203.T shed 1.2% and Mazda Motor Corp 7261.T fell 1.0%.

Nuflare Technology Inc 6256.T dropped 9.2% after Toshiba Corp 6502.T said it had no intention of accepting Hoya Corp's 7741.T sweeter bid in Nuflare or raising its own bid.

Toshiba and Hoya have been competing for the ownership of Nuflare, which is currently owned 52.4% by Toshiba. dropped 0.4% while Hoya was down 0.2%.

Homebuilder Hosoda Corp 1906.T soared 23.1% after Haseko Corp 1808.T , constructor specialised in condominium, announced a tender offer on Hosoda. Haseko dipped 0.8%.

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