Japanese shares slipped on Wednesday as investors booked profits from the market's longest rally in more than three decades, with interest rate sensitive stocks sold the most after bond yields rose globally.
The Nikkei share average fell 0.5 percent to 20,449.20. The market had rallied for 12 straight sessions until Monday, its longest winning streak since 1988.
"The long rally was getting exhausted. Some correction is due, and is unsurprising. Things don't move up in a straight line," said Stefan Worrall, director of equity at Credit Suisse.
"The mood here is still very positive in terms of the earnings outlook of Japanese companies. The yen is on a long-term weakening path and we could see it easily break new lows within the next few months. That is also positive for the market."
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The Nikkei share average fell 0.5 percent to 20,449.20. The market had rallied for 12 straight sessions until Monday, its longest winning streak since 1988.
"The long rally was getting exhausted. Some correction is due, and is unsurprising. Things don't move up in a straight line," said Stefan Worrall, director of equity at Credit Suisse.
"The mood here is still very positive in terms of the earnings outlook of Japanese companies. The yen is on a long-term weakening path and we could see it easily break new lows within the next few months. That is also positive for the market."
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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