Thursday, October 31, 2013
Nikkei Ends Lower On Profit-Taking, Earnings Reports
TOKYO (NQN)--Tokyo stocks fell back Thursday, with the Nikkei Stock Average tumbling 174.41 points, or 1.2%, to end the day at 14,327.94.
Investors were selling stocks to lock in recent gains following Wall Street losses overnight. The Nikkei average briefly turned into positive territory, but the benchmark index widened its losses toward the market close.
Investors who were buying stock index futures were selling stocks to close out their positions at the end of the month. Market players were also selling stocks because they were disappointed about the Bank of Japan's decision to leave its current monetary policy unchanged following its policy board meeting that took place the same day. Finally, selling dominated because April-September earnings released by major Japanese firms so far have failed to meet investors' high expectations.
The trading value on the first section of the Tokyo Stock Exchange totaled about 2.03 trillion yen on a preliminary basis.