Tokyo stocks end mixed on weak tech shares, Nikkei record high hope

Tokyo stocks ended mixed Monday as technology shares were sold, although sentiment was supported by optimism over the benchmark Nikkei index likely reaching an all-time high soon.

The 225-issue Nikkei Stock Average ended down 16.86 points, or 0.04 percent, from Friday at 38,470.38. The broader Topix index finished 14.96 points, or 0.57 percent, higher at 2,639.69, its highest close since February 1990.

On the top-tier Prime Market, decliners were led by rubber product and electric appliance issues, while farm and fishery, and bank issues led gainers.

The U.S. dollar dipped to around the 150 yen line as investors sold the greenback following its sharp rise last week.

The Nikkei index was mostly in negative territory throughout the day, weighed down by a fall in high-tech issues following a slump in their U.S. counterparts late last week. The Nikkei's climb to a 34-year high on Friday also led some investors to take in profits.

But the market's downside was supported by market participants buying shares on optimism that the benchmark would reach an all-time high this week, analysts said.

Stocks were additionally buoyed by the "rather high proportion of domestic companies that revised upward their projections in their earnings reports through last week," said Maki Sawada, a strategist in the Investment Content Department of Nomura Securities Co.

© Kyodo News