Nikkei sags, heads for first weekly drop in five

jueves 20 de noviembre de 2014 22:01 GYT
 

* Investors take profits ahead of long weekend
    * Short-term overheating seen in market
    * Exporters, Fast Retailing and Toray fall

    By Thomas Wilson
    TOKYO, Nov 21(Reuters) - Japanese stocks skidded on Friday
as selling ahead of a long weekend and signs of short-term
overheating offset a boost from a solid Wall Street performance
rooted in U.S economic strength.
    The Nikkei average shed 0.7 percent to 17,172.82 by
0120 GMT, leaving the benchmark on course to snap a run of four
weeks of gains.
    Before a holiday on Monday, "Investors are locking in gains
in major shares," said Masayuki Otani, chief market analyst of
Securities Japan, Inc.
    On Thursday, the 25-day ratio of gainers versus losers rose
above 120 percent, a level some brokers see as indicating an
overbought market. 
    Wall Street shares performed strongly on Thursday on the
back of encouraging U.S. data. [ID: nL2N0TA0YB] 
    But investors sold key Tokyo shares. Fast Retailing Co Ltd
, the Uniqlo clothes brand owner, lost 1.3 percent,
knocking 21 points off the Nikkei, while Softbank Corp 
sagged 0.3 percent.
    Exporters Nissan Motor Co and Panasonic 
lost 1.7 percent and 1.3 percent respectively, following recent
gains inspired by the weak yen.   
    Toray Industries shed 1.8 percent as investors took
profits from its sharp rise this week inspired by supply deals
with Toyota Motor Corp and Boeing.
    Nikon bucked the trend, gaining 1.8 percent. 
    The broader Topix lost 0.7 percent to 1,387.61,
staying close to an eight-year peak scaled on Wednesday, while
the JPX-Nikkei Index 400 also shed 0.8 percent to
12,669.34.

 (Additional reporting by Hideyuki Sano; Editing by Richard
Borsuk)