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Japanese shares close little changed, trading firms extend gains

Published 2020/09/01, 08:44
Updated 2020/09/01, 08:48
© Reuters.
JP225
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BRKa
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TOPX
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8750
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8766
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8795
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8001
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8002
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8031
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8053
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8058
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MTHR
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TOKYO, Sept 1 (Reuters) - Japanese stocks closed almost unchanged on Tuesday, as an extended rally in trading companies was offset by investors booking profits after a sharp rise in the last session.

The benchmark Nikkei share average .N225 was down 0.01% to 23,138.07, after flitting between positive and negative territories. There were 72 advancers against 146 decliners.

The broader Topix .TOPX fell 0.15% to 1,615.81, with all but eight of 33 sectoral sub-indexes on the Tokyo exchange trading lower.

Shares of trading firms extended a rally driven by the acquisition of a 5% stake by Warren Buffett's Berkshire Hathaway (NYSE:BRKa) BRKa.N in each of Japan's five biggest trading houses. Corp 8058.T gained 3.12%, Mitsui & Co 8031.T rose 1.99%, and Sumitomo Corp 8053.T added 1.86%. Marubeni 8002.T and Itochu Corp 8001.T rose 1.22% and 1.41%, respectively. investor sentiment received some boost from data showing factory activity in China expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year. home, data showed Japan's jobless rate increased, the availability of jobs in July declined, and the country's factory activity contracted at the slowest pace in six months in August. trading volume was slightly thin as some investors kept to the sidelines while waiting for new developments in the race to replace Prime Minister Shinzo Abe.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 1.03 billion, compared to the 30-day average daily volume of 1.17 billion.

Life insurers, which rely on foreign bonds for income, dipped, taking overnight cues from long-term U.S. Treasury yields.

Tokio Marine Holdings 8766.T fell 1.39%, T&D Holdings 8795.T edged down 0.81%, and Dai-ichi Life Holdings 8750.T lost 0.72%.

Elsewhere in the market, the Mothers Index .MTHR of start-up firm shares jumped 2.93% to 1,154.51.

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