off-the-wire

Japanese shares fall as ex-dividend trades weigh

Kitco Media
By Reuters
Published:
Updated:
Reuters
TOKYO, March 30 (Reuters) - Japanese shares fell on Thursday as a clutch of stocks traded ex-dividend, with losses in shipping firms outweighing gains in technology stocks. By 0215 GMT, the Nikkei share average had fallen 0.8% to 27,663.20, while the broader Topix was down 0.91% to 1,977.27. "Overall, the market was affected by the shares that went ex-dividend, but it was weaker than expected, given overnight strength of Wall Street," said Yugo Tsuboi, a senior strategist at Daiwa Securities. Investor concerns about U.S. rate hikes have resurfaced as fears of a possible financial crisis eased, he said, adding that expectations were rising that the Bank of Japan would tweak it policy.


U.S. stocks rallied overnight, with all three major indexes rising at least 1%, as upbeat outlooks from Micron Technology and other companies eased some worries about the health of the economy. In Japan, shipping firms led the declines among the Tokyo Stock Exchange's 33 industry sub-indexes, with a 5.08% drop.


Kawasaki Kisen lost 7.88% to become the worst performer on the Nikkei, and Mitsui O.S.K lines fell 5.65%.


Oil refiners lost 3.13% and brokerages slipped 2.79%.


SoftBank Group fell 2.49% to become the biggest drag on the Nikkei, after jumping more than 6% in the previous session. Phone company KDDI fell 2.54% and staffing agency Recruit Holdings slipped 1.95%. Bucking the trend, game maker Sony Group rose 2.04% and medical equipment maker Terumo gained 0.72%.
Drugmaker Daiichi Sankyo advanced 3.02%. Tyre makers were the top gainers among the TSE's industry groups with a 0.62% rise.
(Reporting by Junko Fujita; Editing by Subhranshu Sahu)

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