Japan stocks inch down; financial slip, real estate shares gain

VAM Funds names Robert Gordon director of two funds

2017-12-25 01:47:46

TOKYO, Dec 25 (Reuters) – Japan’s Nikkei share average inched lower on Monday, weighed by losses on Wall Street at the end of last week, although movement was confined to a narrow range with many other major markets shut for Christmas.

The Nikkei was 0.08 percent lower at 22,884.60.

Of Tokyo’s 33 subsectors, 16 were in the red, led by securities and banking after their U.S. financial peers lost steam on Friday following their recent strong performance.

The gaining subsectors were led by real estate, which saw U.S. peers among the top gainers on S&P on Friday.

Denim clothing store operator Jeans Mate soared 14.3 percent after reporting that its December existing store sales increased 13.2 percent year-on-year.

Furniture and interior goods seller Nitori Holdings sank 6.6 percent after the company saw its operating profit for the nine months through to Nov. 20 rise a modest 0.3 percent to 70.4 billion yen ($621.58 million).

Nitori’s sales for the same period increased 11.5 percent but costs of opening stores and renovations to existing ones were seen to have curbed profits.

Cryptocurrency related shares slipped following recent wild swings in bitcoin.

Internet provider GMO Internet Inc, which is engaged in the “mining” of bitcoin, fell 4.9 percent.

Remixpoint Inc, an operator of virtual currency trading post services, dropped 3 percent.

The broader Topix was 0.1 percent lower at 1,826.93. ($1 = 113.2600 yen) (Reporting by Shinichi Saoshiro)

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