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Tokyo shares close lower, giving up early gains

Tokyo shares close lower, giving up early gains

Tokyo shares closed lower on Thursday as lingering concerns over the US-China trade dispute and the fate of Brexit weighed on the market in late trade, erasing their early gains.

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14.03.2019 06:24 PM

Tokyo shares closed lower on Thursday as lingering concerns over the US-China trade dispute and the fate of Brexit weighed on the market in late trade, erasing their early gains.

The benchmark Nikkei 225 index edged down 0.02 percent, or 3.22 points, to 21,287.02, while the broader Topix index fell 0.24 percent, or 3.78 points, at 1,588.29.

Tokyo shares opened higher as investors attempted to recover losses from the previous day, taking their cue from overnight gains on Wall Street.

But shares gradually fell into negative territory in late trading "as negative factors outnumbered positive ones," said Daiwa Securities senior technical analyst Hikaru Sato.

"There appeared to be no major progress in US-China negotiations this week, while the outlook for Brexit remained uncertain," Sato told AFP.

British lawmakers voted to reject the notion of crashing out of the European Union, which is still due to occur in just over two weeks, without a deal.

They earlier this week rejected the divorce deal negotiated by Prime Minister Theresa May.

"The yen is stabilising at lower levels, which is among the positive elements for the market," Sato said.

The dollar stood at 111.58 yen in Asian afternoon trade, compared with 111.17 yen in New York on Wednesday.

Overnight, the Dow closed up 0.6 percent, while the S&P 500 and Nasdaq both added 0.7 percent.

Among major Tokyo shares, Nintendo dropped 1.81 percent to 30,280 yen as Sony lost 0.73 percent to 5,128 yen.

Toyota fell 0.63 percent to 6,543 yen but Nissan rose 0.17 percent to 930.9 yen.

Uniqlo-operator Fast Retailing gained 0.43 percent to 53,710 yen and Internet investor SoftBank jumped 1.31 percent to 10,795 yen.
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