Nikkei slip as investors pocket quick gains on Softbank, Topix firmer
TOKYO, Sept 22 (Reuters) - Japan's Nikkei share average dropped on Monday as investors booked gains in heavyweight Softbank after the listing of Alibaba Group Holding Ltd , but the broader market held firmer near six-year high. The Nikkei declined 0.7 percent to 16,205.90, with a 6.1 percent slide in Softbank shares accounting for more than a half of the benchmark's fall. Softbank, which holds a 32 percent stake in Alibaba, had surged 30 percent over the past six weeks in anticipation of the Chinese e-commerce company's listing in the New York Stock Exchange. The broader market was firmer, with the Topix down just 0.1 percent at 1,330.88, sticking near a six-year high hit on Friday, while the new JPX-Nikkei Index 400 was flat at 12,088.93. (Editing by Shri Navaratnam and Eric Meijer)
© Thomson Reuters 2016 All rights reserved.