TOKYO: Japan's Nikkei average fell 0.7% on Friday, Dec 10 as a higher-than-expected estimated settlement for futures and options prices encouraged investors to take profits on a 12% rally for benchmark since the start of November.
While sentiment for the Nikkei, which still lags other global indexes for the year to date, remains robust, analysts say technical signs that the market is overbought and the approach of the year-end would keep a lid on potential near-term gains.
The benchmark Nikkei closed the day down 73.93 points at 10,211.95. In the morning, it rose to a new seven-month high of 10,373.70, but profit-taking hit the market as Nikkei futures and options contracts expiring in December were estimated to have settled at 10,420.74, slightly stronger than expected.
The broader Topix index fell 0.4 percent to 888.22.
In Seoul, shares dipped on Friday after touching a three-year high in the previous session, with falls in auto issues including Hyundai Motor weighing. The Korea Composite Stock Price Index (KOSPI) finished down 0.14% at 1,986.14.
While sentiment for the Nikkei, which still lags other global indexes for the year to date, remains robust, analysts say technical signs that the market is overbought and the approach of the year-end would keep a lid on potential near-term gains.
The benchmark Nikkei closed the day down 73.93 points at 10,211.95. In the morning, it rose to a new seven-month high of 10,373.70, but profit-taking hit the market as Nikkei futures and options contracts expiring in December were estimated to have settled at 10,420.74, slightly stronger than expected.
The broader Topix index fell 0.4 percent to 888.22.
In Seoul, shares dipped on Friday after touching a three-year high in the previous session, with falls in auto issues including Hyundai Motor weighing. The Korea Composite Stock Price Index (KOSPI) finished down 0.14% at 1,986.14.
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