Japan Shares Give Up Early Gains on Profit-Taking

Japanese stocks closed slightly lower Monday, September 27, giving up early gains, led by cyclical stocks, as investors booked profits after a sharp rally this month, while caution also prevailed ahead of a change in the country’s political leadership.

Nikkei fell by 0.03% to close at 30240.06 points, after rising about 0.5%, and the broader TOPIX index fell 0.14% to 2087.74 points.

Shares exposed to China continued to be affected, with fears that China’s Evergrande could default.

Daikin Industries, the air conditioner maker, fell 3.44%.

Shipping companies were among the biggest losers, with their sub-index down 6.45%.

Shares that will benefit from the reopening of economic activities advanced, with airlines jumping 3.76% and railway operators 1.69%.