Tokyo Stocks Retreat
TOKYO (AP) _ Tokyo stocks fell slightly in early trading Tuesday on profit-taking in reaction to the previous day’s rally. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average lost 51.45 points, or 0.47 percent, to 11,012.85 at the open. On Monday, the average closed up 367.48 points, or 3.4 percent.
The dollar bought 124.07 in early trading, up 0.01 yen from late Monday in Tokyo but below its late New York level of 124.09 yen.
On the stock market, the Nikkei index was lower on profit-taking by investors, who bid up technology and banking issues on Monday.
In New York, the Dow Jones industrial average rose 23.04 to 9,982.75 at Monday’s close. The Nasdaq composite index ended at 1,941.23, up 38.03.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 2.70 points, or 0.25 percent, to 1,086.07. The TOPIX closed up 26.30 points, or 2.47 percent, the day before.
In currency dealings, the dollar held steady against the yen in light trading following Monday’s rangebound trading in New York.
In other currencies, the euro was traded at 109.30 yen, down from 109.37 yen late Monday in Tokyo.
The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Monday, it settled at 1.3800 percent and its price stood at 100.17.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp