Economic news

Japan Stocks End Lower, SoftBank Soars on DoorDash Listing

TOKYO, Dec 10 (Reuters) - Japan shares settled lower on Thursday as the Brexit impasse and political wrangling over U.S. stimulus weighed on investor sentiment globally, while market heavyweight SoftBank Group Corp jumped to a more than two-decade high on DoorDash listing.

SoftBank rose nearly 11% after the technology giant scored a $11.2 billion gain in the value of its stake in DoorDash Inc following the U.S. food delivery app’s blockbuster stock market debut on Wednesday.

The benchmark Nikkei share average fell 0.23% to 26,756.24, pulling back from a 29-1/2-year high hit in the previous session and declining for the fourth session in five. The broader Topix eased 0.18% to 1,776.21.

U.S. lawmakers approved a stopgap government funding bill on Wednesday, but were unable to sort out disagreements over aid to state and local governments that is holding up a broader spending package.

Meanwhile, British Prime Minister Boris Johnson and the European Union’s chief executive gave themselves until the end of the weekend to seal a new trade pact.

“There are a lot of events in Europe that are encouraging investors to take some profits off the table,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank.

“The market has already risen so much that there may not be much room to rise further from here.”

The underperformers among the Topix 30 were Daikin Industries Ltd, down 3.90%, followed by Kao Corp , losing 2.73%.

The stocks that gained the most among the top 30 core Topix names were SoftBank Group Corp, up 10.91 %, followed by Seven & i Holdings Co Ltd, rising 2.85%.

There were 114 advancers on the Nikkei index against 100 decliners.

The volume of shares traded on the Tokyo Stock Exchange’s main board was 0.54 billion, compared to the average of 1.34 billion in the past 30 days.

(Reporting by Stanley White; Editing by Subhranshu Sahu)

Source: Reuters

 


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