Nikkei snaps 6-day winning streak on strong yen; banks underperform

lunes 4 de julio de 2016 22:34 GYT
 

* Exporters fall on profit taking, stronger yen

* Banks underperform on Europe concerns

* Japan Display soars after Singapore fund buys stake

By Ayai Tomisawa

TOKYO, July 5 (Reuters) - Japan's Nikkei share average dropped on Tuesday morning, snapping a six-day winning streak after a stronger yen triggered profit taking, while banking stocks underperformed on fears of counterparty risks following a drop in European banks.

The Nikkei dropped 1.0 percent to 15,620.11 in midmorning trade after gaining 5.5 percent in the course of its six day rally.

Sentiment toward stocks is weak after the dollar fell 0.3 percent to 102.32 yen.

"Although fears about the dollar going below 100 yen again have receded, there is still an impact on Japanese manufacturers' earnings under the current currency levels," said Kazuhiro Takahashi, equity analyst at Daiwa Securities.

He added that investors probably won't take large positions before the release of U.S. jobs data this Friday.   Continuación...