Tokyo stocks open flat in thin holiday trade

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TOKYO: Tokyo stocks opened flat on Monday in quiet holiday trading following a three-day weekend, as investors cashed in on recent rallies.

Tokyo’s benchmark Nikkei 225 index, which closed on Friday for a national holiday, fell 0.09 percent, or 16.89 points, to 19,410.78 in the first few minutes of trading. The broader Topix index of all first-section issues was down 0.19 percent, or 2.92 points, at 1,540.90.

“Selective shares are facing profit-taking following the recent gains, as many investors are on the sidelines in a holiday mood, looking to fresh factors to trade,” said Shinichi Yamamoto, broker at Okasan Securities in Tokyo.

“It may take some time for the Nikkei index to reach the 20,000 mark, which is expected to be realised early next year when foreign investors are to fully return to the market,” Yamamoto said.

On Wall Street, stocks finished modestly higher Friday, but the Dow again fell short of 20,000 points in light trade ahead of the holiday weekend.

In early Asian trade, the dollar edged down to 117.29 yen from 117.31 yen in New York late Friday.