LEAD: Stocks end mixed amid weak China shares, U.S. earnings hopes
Monday, January 17, 2022 6:30 AM

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TOKYO, Jan. 17, 2011 (Kyodo News International) --

Tokyo stocks ended mixed Monday as optimism about U.S. corporate earnings was offset by a slide in Chinese shares amid concern about further monetary tightening by China.

The 225-issue Nikkei Stock Average rose 3.82 points, or 0.04 percent, from Friday to 10,502.86. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 1.58 points, or 0.17 percent, to 928.73.

Stocks gained earlier in the day on optimism about U.S. earnings after JPMorgan Chase (NYSE:JPM) & Co. released robust fourth-quarter results on Friday, lifting the Dow Jones Industrial Average to its highest closing level in two and a half years, brokers said.

But sharp falls in Shanghai shares chilled investor sentiment in the afternoon, following China's announcement Friday that it will raise the deposit reserve requirement ratio for banks again to fight inflation. Shanghai shares lost more than 2.5 percent at one point.

''Sharp falls in Shanghai shares after China's tightening decision were a turnoff, sending Japanese shares lower,'' said Yutaka Miura, senior technical analyst at Mizuho Securities Co.

''Both U.S. and Japanese stocks could undergo an adjustment phase after a strong rally since around November...and China's decision came at a time when market players had grown cautious about chasing share prices higher,'' Miura added.

Among shares of companies with close business links to China, Komatsu shed 24 yen, or roughly 1 percent, to 2,513 yen, and Hitachi Construction fell 26 yen, or 1.3 percent, to 2,018 yen. Kubota was down 4 yen, or 0.5 percent, to 814 yen.

Exporters were mixed as the slight weakening of the yen against the dollar and the euro provided support but profit-taking also weighed. Sony edged down 4 yen, or 0.1 percent, to 2,937 yen, and Nikon slipped 23 yen, or 1.3 percent, to 1,823 yen. Toyota Motor fell 50 yen, or 1.4 percent, to 3,500 yen.

But semiconductor makers were robust, with Tokyo Electron climbing 190 yen, or 3.4 percent, to 5,740 yen, and Advantest up 26 yen, or 1.4 percent, to 1,849 yen.

''Shares that have led the strong rally since early November are pressured by profit-taking, such as those in the manufacturing sector,'' said Masayoshi Okamoto, equity strategist at Jyujiya Securities Co.

''The latest move by China served as a trigger because domestic players appear willing to take profits. But when Shanghai shares stabilize, it is likely the Tokyo market will as well,'' Okamoto added.

Advancers slightly outnumbered decliners 779 to 702, with 190 others remaining unchanged.

The oil and coal products sector was the biggest decliner, followed by the securities, and transport equipment sectors. Gainers included the fishery and forestry, warehouse, and metal products sectors.

Toshiba, the most traded stock in value terms, climbed 8 yen, or 1.6 percent, to 496 yen.

Shares of megabanks retreated from earlier gains made on expectations for a strong performance by U.S. peers following JPMorgan's earnings. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group ended the day flat at 457 yen, and 3,015 yen, respectively. Volume leader Mizuho Financial Group lost 1 yen, or 0.6 percent, to 168 yen.

Among individual shares, transport company Utoc was a bright spot, surging 33 yen, or 13 percent, to 286 yen, after The Nikkei business daily reported Sunday that the government will start stockpiling enriched uranium for nuclear power generation in fiscal 2011. Utoc's businesses include transporting nuclear fuel.

Trading volume on the main section fell to 1,868.59 million shares from Friday's 2,459.93 million.

The TSE's Second Section index added 10.79 points, or 0.47 percent, to 2,284.35 on a volume of 28.75 million shares. On the Osaka Securities Exchange, the near-term March Nikkei 225 index futures contract was flat at 10,500.

(Source: )
(Source: Quotemedia)


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