Tokyo stocks close down

21st May, 2019 11:54:29 printer

TOKYO: Tokyo stocks closed lower on Tuesday, tracking losses in global markets as investors fret over the latest flare-up in the China-US trade war involving Chinese tech giant Huawei.

The benchmark Nikkei 225 index fell 0.14 percent, or 29.28 points, to 21,272.45, while the Topix index was down 0.30 percent, or 4.62 points, at 1,550.30, reports AFP.

“The Tokyo market was hit by aftershocks of the Huawei dispute,” Toshikazu Horiuchi, a broker at IwaiCosmo Securities Co. Ltd, told AFP.

Yutaka Masushima, market analyst at Monex, said in a note: “The US market continued its losses on worries over business stopping between US companies and China’s Huawei.”

On Wall Street, shares of technology companies fell sharply after Google began to sever ties with Chinese telecoms giant Huawei amid the US-China trade war.

In Tokyo, tech firms were largely lower as electronic parts maker Rohm dropped 1.16 percent to 6,760 yen, with chip-making equipment manufacturer Tokyo Electron down 1.87 percent at 15,420 yen.

Automakers were mixed as Toyota was down 0.50 percent at 6,494 yen but Honda rose 0.10 percent to 2,832.5 yen.

SoftBank Group rallied 3.52 percent to 10,705 yen after the top official at the US communications regulator on Monday announced support for the proposed $26-billion merger between Sprint and T-Mobile.

SoftBank owns the majority of Sprint shares.

The dollar fetched 110.15 yen in Asian afternoon trade, against 110.04 yen in New York late Monday.