Nikkei erases gains on profit-taking as China devalues yuan

lunes 10 de agosto de 2015 23:01 GYT
 

* China's devaluation triggers knee-jerk profit-taking

* Long-term implication of lower yuan not clear

* China-related shares outperform, steelmakers top gainer

* Food companies and drugmakers fall

By Hideyuki Sano

TOKYO, Aug 11 (Reuters) - Japan's Nikkei share average edged down on Tuesday, erasing its earlier rise to near its 18 1/2-year high hit earlier this year, as investors took profits after the Chinese central bank devalued the yuan.

Market players say the move was more of a knee-jerk reaction to China's sudden announcement with many market players still trying to figure out its long-term implications.

"This looks like profit-taking. The market normally needs a half day, or even a full day or longer to digest big news like this," said Michiro Naito, executive director of equity derivatives and quantitative strategies at JPMorgan.

The Nikkei average dipped 0.2 percent to 20,761.03, after having risen 0.7 percent at one point to 20,946.93, just several points below its peak of 20,952.71 hit in late June.   Continuación...