LONDON (ShareCast) - The Nikkei retreated Monday as traders took a breather following Friday's gains which took the Japanese index above 10,000 for the first time this year.
Traders took profit on financial and resource stocks. Shares in
Sumitomo Mitsui Financial fell over 6% on talk of a share sale to raise 800bn yen.
Meanwhile Japan Petroleum dropped 2% as the price of crude retreated. A decline in metal prices weighed on shares such as Nippon Mining, which fell nearly 2%.
The benchmark Nikkei 225 (news) fell 96 points to close at 10,039 in Tokyo. On Friday it closed at an eight month high of 10,135.
Real (Frankfurt: BJU.F - news) estate however was in demand after Daiwa increased its stance on Japan's real estate industry to "neutral" from "underweight." Sumitomo Realty & Development jumped 7.5%.
The Hang Seng declined over 2% Monday for the first session in four as commodity prices retreated. PetroChina fell 2.3% while Zijin Mining lost 1.8%.
Elsewhere Ping An Insurance (601318.SS - news) lost 3% after rising 3.3% as it resumed trading following its suspension earlier this month. The group announced it would increase its stake in Shenzhen Development Bank to around 30% from the 5% it currently holds.
The Hang Seng closed 390 points lower at 18,498 in Hong Kong.
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