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Nikkei Edges Lower on Profit-Taking but Automakers, Financials Rise


Thursday, 4 October 2018 10:43 WIB

Saham JepangIndeks Nikkei


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Japan's Nikkei edged lower in choppy trade on Thursday morning as investors took profits from its recent rally to a 27-year high, while automakers and tech heavyweights enjoyed the limelight on news of technology tie-ups for self-driving cars.

Toyota Motor Corp surged as much as 2.2 percent after sources told Reuters that the automaker and SoftBank Group Corp would announce a partnership to develop automated driving and other technology on Thursday.

SoftBank surged 3.3 percent.

The Nikkei share average opened higher but dropped 0.2 percent to 24,070.37 in mid-morning trade as market participants reckoned the Nikkei had been overbought in the recent rally. The Nikkei has traded more than 5 percent above its 25-day moving average of late, a sign the market is overbought.

Source : Reuters


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