Tokyo’s stock market pulls back from record highs
(MENAFN) Tokyo’s stock market pulled back from record levels on Tuesday as investors engaged in profit-taking, concerned that the rally might be overheating, according to reports.
The benchmark Nikkei 225 index fell 168.02 points, or 0.38 percent, closing at 43,546.29.
Shares of SoftBank Group initially jumped to post-split record highs following its announcement of an investment in U.S. chipmaker Intel, but the stock later reversed course, cutting roughly 135 points from the Nikkei and exerting downward pressure on the broader market.
Gaming-related stocks, including Nintendo, which had recently reached record highs, also experienced significant declines.
Investor sentiment was partially buoyed by expectations of a potential U.S. Federal Reserve rate cut in September and easing worries over corporate earnings.
The broader Topix index decreased 4.33 points, or 0.14 percent, to finish at 3,116.63. On the Tokyo Stock Exchange Prime Market, 1,055 stocks rose, 511 fell, and 54 remained unchanged.
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