Japan’s Nikkei closed lower and technology stocks bucked the trend

The Japanese Nikkei index closed lower on Thursday after gains for three consecutive sessions, with a group of stocks trading without the right to distribute profits, while losses were limited as technology shares followed the path of the rally on Wall Street overnight.

The Nikkei index fell 0.36 percent to close at 27,782.93 points, and the broader Topix index fell 0.61 percent to 1,983.32 points.

US stocks rose overnight, with all three major indices up at least 1%, as upbeat forecasts from Micron Technology and others eased some concerns about the economy.

All but five of the 33 industrial sub-indices on the Tokyo Stock Exchange declined, with oil refiners leading the losses, down 2.89 percent.

SoftBank fell 2.04 percent, becoming the biggest loser on the Nikkei index, after jumping more than 6 percent in the previous session.

While Sony, the gaming industry, rose 2.09 percent, and Hoya, the lens industry, gained 1.14 percent.