March 28, 2018 / 6:30 AM / a month ago

Nikkei tumbles on ex-dividend adjustments, tech sell-off

TOKYO, March 28 (Reuters) - Japanese stocks fell on Wednesday, led by a sell-off in tech firms after their U.S. counterparts skidded on concerns about government regulation, while ex-dividend trades added to the broader losses.

The Nikkei share average ended 1.3 percent lower to 21,031.31.

Market participants estimate about 160 points were taken off the Nikkei due to adjusted prices for stocks going ex-dividend. High-yielding stocks, including automakers, banks and securities firms underperformed.

Nissan Motor fell 2.7 percent, SMFG declined 1.5 percent and Daiwa Securities was off 1.9 percent.

Tech shares stumbled, with semiconductor equipment makers Tokyo Electron and Advantest Corp skidding 4.4 percent and 3.4 percent, respectively.

The selloff in the sector was triggered by steep losses in U.S. tech stocks, which have been under pressure recently as concerns about government regulation stemming from their strong growth and privacy questions surrounding Facebook.

Panasonic Corp fell 5.1 percent after U.S. authorities began a investigation into last week’s fatal crash and vehicle fire of major battery customer Tesla Inc.

The broader Topix dropped 1.0 percent to 1,699.56.

Reporting by Ayai Tomisawa Editing by Shri Navaratnam and Sam Holmes

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