Nikkei Turns Lower after Topping 60,000 for 1st Time

Tokyo, April 23 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average rose further to exceed 60,000 for the first time ever, albeit momentarily, on Thursday morning, boosted by an advance of U.S. equities overnight. At 9:06 a.m., the index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section was up 428.12 points, or 0.72 pct, from Wednesday, to stand at 60,013.98, an all-time intraday high since it was first published in 1950. It topped 50,000 for the first time last October. The Nikkei turned lower later, however, as the market succumbed to profit-taking pressure, ending the morning session down 633.75 points, or 1.06 pct, at 58,952.11. Tokyo stocks, including chip-related issues, attracted purchases from the outset of Thursday’s trading, with investors welcoming gains in U.S. high-tech issues Wednesday following U.S. President Donald Trump’s announcement of an extension of his country’s ceasefire with Iran. But crude oil prices remain elevated, possibly weighing on corporate profits, and it is unclear whether the peace talks between the United States and Iran will make progress as they are far apart over ship navigation in the Strait of Hormuz and Tehran’s nuclear development. An official of a Japanese securities firm indicated that the current situation is undesirable, saying “Only a handful of issues making up the Nikkei are pushing up the index.” END [Copyright The Jiji Press, Ltd.]