Nikkei Ends Lower after Hitting Record Intraday High

Tokyo, May 11 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average finished lower on Monday after hitting a new record intraday high in the morning, as buying followed gains in U.S. high-tech issues late last week. The index of 225 issues listed on the Tokyo Stock Exchange’s Prime top-tier section closed down 295.77 points, or 0.47 pct, from Friday’s close at 62,417.88, after rising as high as 63,385.04, up 671.39 points, to surpass the previous record of 63,091.14, marked on Thursday. Tokyo stocks, especially semiconductor-related issues, attracted buying in early trading, after the tech-heavy U.S. Nasdaq Composite Index hit a record high on Friday, chiefly following reports that Apple had commissioned chip production for its products. The Tokyo market later came under pressure from profit-taking. Investors were “increasingly cautious about higher stock prices as funds were concentrated on high-tech issues in both Japan and the United States,” a major securities firm official said. The market was also weighed down after the U.S. benchmark West Texas Intermediate crude oil futures contract briefly climbed above 100 dollars a barrel. Oil prices rose after U.S. President Donald Trump posted on social media that Iran’s response to a U.S. peace proposal was “totally unacceptable,” market sources said. END [Copyright The Jiji Press, Ltd.]