Japan’s stocks fell, after the Topix index capped its sixth weekly decline in seven weeks, as more than half the companies in the measure traded without the right to receive the next dividend.
Mitsubishi Corp., Hino Motors Ltd., and Fanuc Corp., which went ex-dividend Monday, slumped at least 3.7 percent. Metal producer Mitsui Mining & Smelting Co. declined 4.2 percent after Daiwa Securities Group Inc. cut its target price for the stock. Retail shares led gains among the 33 Topix industry groups, while a gauge of paper producers closed at its lowest since April.
The Topix slipped 1 percent to 1,438.67 at the close in Tokyo on volume 24 percent lower than the 30-day average. The Nikkei 225 Stock Average lost 1.3 percent to 17,645.11. More than 1,000 Topix members traded ex-dividend Monday, equating to a 10.8 point drag on the measure, data compiled by Bloomberg show. Shares held declines after data showed China’s industrial profit fell the most in at least four years.
The Shanghai Composite Index retreated on Monday as data showed industrial companies’ profits in the world’s second-biggest economy declined the most since at least 2011. Markets in Hong Kong, Taiwan and South Korea were closed for holidays Monday, while mainland China will be shut from Thursday for a week-long break.
Source : Bloomberg