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Nikkei slides over 2 pct as profit-taking hits large caps
January 6, 2014 / 6:30 AM / 4 years ago

Nikkei slides over 2 pct as profit-taking hits large caps

TOKYO, Jan 6 (Reuters) - Japan's Nikkei average slid more
than 2 percent to snap a nine-day winning streak on Monday, its
first trading day of 2014, as foreign hedge funds unwound
positions in futures and large-cap stocks such as SoftBank and
Fast Retailing.
    The Nikkei closed down 2.4 percent at 15,908.88 
after falling as far as 15,864.44, its lowest level since Dec.
25. The Topix dropped 0.8 percent to 1,292.15.
    Trading was active, with 2.93 billion shares changing hands,
the highest in three weeks.
    Large caps led the declines. SoftBank Corp shed 3.5
percent and was the most traded stock by turnover. Fast
Retailing Co plunged 5.8 percent.
    On Dec. 30, the index closed at a six-year high with a 57
percent annual gain, its biggest in more than 40 years on the
back of aggressive economic stimulus by Prime Minister Shinzo
Abe.

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