Tokyo Stock Market on the Decline: Nikkei Stock Average Falls to 33,479.71 Yen

Nikkei Stock Average Falls on Tokyo Market

On the morning of November 27th, the Nikkei Stock Average dropped to 33,479.71 yen, a decrease of 145.82 yen from the previous trading day. The market displayed a photo of stock prices, capturing the screen from Tokyo in June 2023 (Reuters / Issei Kato).

Market Analysis

The Nikkei average fell by 145.82 yen to 33,479.71 yen on the Tokyo stock market. Despite indications of the nearing end of US interest rate hikes supporting a buying trend, concerns about inflated prices intensified profit-taking selling.

Interestingly, the Nikkei Stock Average initially saw an increase of 84 yen, reaching 33,811.41 yen. The market was bolstered by expectations of higher interest rates following speculation that US interest rate hikes would cease. Japanese stocks displayed a cyclical pattern, with a strong inclination for market participation.

However, a shift from buying to profit-selling was noted as prices trended upwards, leading to pronounced selling activities. Intermittent futures selling was observed, with Masayuki Otani, head of research and information at Securities Japan, remarking that the market showed no immediate cause for concern given the prevailing high range of prices.

Market Performance

Following the morning session, TOPIX concluded at 2,381.63 points, representing a 0.39% decrease. Trading value on the TSE primary market amounted to 1,626,039 million yen. Notably, prices in 11 out of 33 industries on the Tokyo Stock Exchange, including shipping, steel, and finance, experienced an upturn, illustrating a diverse market performance.

Specifically, Tokio Marine HLDG (8766.T) and Sumitomo Metal Mining (5713.T) showed weak performance. Conversely, Mitsui OSK Lines (9104.T) and Mitsubishi UFJ FG (8306.T) exhibited commendable performance, while Fanuc (6954.T) remained solid.

Market Trends

In terms of market movement, 589 issues rose (35%), 1001 issues fell (60%), and 69 issues remained unchanged (4%) on the main TSE market, indicating prevailing volatility.

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On the morning of November 27th, the Nikkei Stock Average fell to 33,479.71 yen, down 145.82 yen from the previous business day. The picture shows a screen showing stock prices. The photo was taken last June in Tokyo (2023 Reuters / Issei Kato)

TOKYO (Reuters) – On the Tokyo stock market, the Nikkei average fell 145.82 yen from the previous business day to 33,479.71 yen. While speculation about the end of US interest rate hikes supported the buying trend, profit-taking selling intensified on concerns about high prices.

The Nikkei Stock Average rose 84 yen, but continued to rise, rising 185 yen to 33,811 yen.41. Expectations of higher interest rates based on speculation that US interest rate hikes will end continued to support the market. Japanese stocks have been rising in a cyclical fashion, and there is also a strong desire to buy on the market.

On the other hand, after a round of buying, the price turned negative. Profit selling prevailed as the price surpassed the post-bubble high based on closing price and approached the Zaraba high. Intermittent futures selling was seen. According to the market, “US interest rates have risen, but Black Friday was not negative, and US consumption appears to be robust. As expected, we have to sell at a level, but although it has decreased, it remains. in the high range, so there is no cause for concern for now. “It doesn’t seem likely,” said Masayuki Otani, head of research and information at Securities Japan.

TOPIX closed the morning session at 2,381.63 points, down 0.39%. The trading value on the TSE primary market was 1,626,039 million yen. Of the 33 industries on the Tokyo Stock Exchange, prices rose in 11, including shipping, steel and other finance, while prices fell in 22, including non-ferrous metals, electricity and gas, and transport equipment.

Tokio Marine HLDG (8766.T) and Sumitomo Metal Mining (5713.T) are weak. Tokyo Electric Power Company HLDG (9501.T) is dull. On the other hand, Mitsui OSK Lines (9104.T) and Mitsubishi UFJ FG (8306.T) are performing well. Fanuc (6954.T) is solid.

In terms of the number of ups and downs in the main TSE market, 589 issues rose (35%), 1001 issues fell (60%), and 69 issues remained unchanged (4%).

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