Japan's Nikkei edges lower as tech sector weighs, energy shares rise
EWJ•Japan's Nikkei 225 fell 0.43% to 62,425.47 in morning trade on Monday, while the Topix rose 0.48% to 3,984.74. Chip-related shares declined, while energy-linked shares gained.
1. Nikkei falls again
The Nikkei 225 slipped 0.43% in morning trade, extending its decline to a third session and putting it on track for its lowest close since July 30. The Topix gained 0.48%. The Nikkei had 166 gainers and 59 decliners, but losses in heavily weighted technology shares dragged the gauge lower.
2. Energy shares advance
Sumco fell 4.03%, Kokusai Electric lost 3.86% and Screen Holdings dropped 3.78%. Inpex gained 4.92%, JGC Holdings rose 4.56% and Mitsubishi Corp added 4.28%. Monex Securities analyst Satoshi Saito said shares may see short-term rebounds, but the recovery could remain sluggish amid several concerns.
