TOKYO, March 30 (Reuters) - Japan's Topix ended lower on Tuesday, dragged down by stocks that went ex-dividend, while the Nikkei inched up as investors bought back the benchmark after its underperformance against Topix following the Bank of Japan's decision to only buy Topix-linked exchange traded funds.
The Topix .TOPX lost 0.78% to close at 1,977.86, while the Nikkei index snapped early losses to inch up 0.16% to end at 29,432.70.
"Overall the market was affected by the shares that went ex-dividend," said Koichi Kurose, chief strategist, Resona Asset Management.
"Investors who have bought the Topix since the Bank of Japan's announcement earlier this month to only buy the Topix-linked ETFs are now selling those and buying back the Nikkei."
The banking and securities sectors retreated amid fears that global banks could lose more than $6 billion from the downfall of Archegos Capital. UFJ Financial Group 8306.T fell 0.49%, Sumitomo Mitsui Financial Group 8316.T and Mizuho Financial Group 8411.T slipped 0.96%, respectively.
Nomura Holdings 8604.T , which plunged 16% on Monday after it flagged $2 billion in losses at a U.S. subsidiary, lost 0.66%.
The airline and shipping industry gained the most among the 33 sector sub-indexes on the Tokyo exchange, with ANA Holdings 9202.T jumping 3.49% and Japan Airlines 9201.T rising 2.53%. Kawasaki Kisen 9107.T jumped 5.19% and Nippon Yusen 9101.T gained 3.61%.
There were 89 advancers on the Nikkei index against 128 decliners.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.