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Japan’s Nikkei share average dropped on Tuesday morning as investors wasted no time to lock in profits from the previous day’s rally, while such financial shares as banks and insurers underperformed.
The Nikkei dropped 1.4 per cent to 21,831.66 in midmorning trade, after rising 2 per cent on Monday.
Banking sector was the worst sectoral performer, tumbling 2 per cent. Insurance sector was also weak, sliding 1.6 per cent. Mitsubishi UFJ Financial Group declined 2.1 per cent, Sumitomo Mitsui Financial Group shed 2.0 per cent and T&D Holdings dropped 3.0 per cent.
Analysts also said that falling US futures had dampened the sentiment. E-Mini futures for the S&P 500 slipped 0.4 per cent in Asian trading. Dow Minis dropped 0.5 per cent.
Index-heavy stocks which rose on Monday lost ground. Fast Retailing fell 2.0 per cent and Fanuc Corp stumbled 2.7 per cent. The broader Topix declined 1.1 per cent to 1,756.46.
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