(MENAFN) On Thursday, the Tokyo stock market witnessed a downward trend as investors sought to capitalize on their gains by locking in dividend earnings. The Nikkei Stock Average, Japan's premier benchmark index, experienced a notable decline of 594.66 points, equivalent to a 1.46 percent decrease, ultimately closing the day at 40,168.07 points. Similarly, the broader Topix index followed suit, ending 48.47 points, or 1.73 percent, lower at 2,750.81 points.
Market analysts highlighted that the market data indicated the impact of ex-dividend transactions towards the end of March, which exerted downward pressure on the Nikkei stock index, resulting in a significant drop of 264.74 points. Moreover, the marginal appreciation of the yen against the dollar contributed to dampening market sentiment, particularly affecting shares of export-oriented companies.
Across the Prime Market, sectors such as pulp and paper, land transportation, as well as iron and steel, witnessed declines, reflecting the prevailing negative sentiment. The market breadth leaned heavily towards decliners, with a notable difference between declining and advancing issues, as decliners outnumbered advancers by 1,362 to 224. Meanwhile, 24 issues remained unchanged by the end of the trading session, adding to the overall sentiment of caution among investors.
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