Foreigners net sellers of Japan stocks for third straight week

Foreigners were net sellers of Japanese stocks for a third consecutive week that ended on May 24 on concerns over Sino-U.S. trade dispute and its impact on local tech firms’ second quarter earnings, reports Trend citing to Reuters

Overseas investors sold net 489.2 billion yen ($4.46 billion) worth of Japanese stocks, including cash equities and futures during that week, data from Japanese stock exchanges showed.

Foreigners sold a net 409.3 billion yen in derivative markets, and 79.9 billion yen in cash markets, the data showed.

Optimism over a Sino-U.S. trade deal — which boosted risky assets including Japanese shares earlier this year — dwindled after the United States implemented fresh tariffs on May 10.

Global tech shares were also pressured by media reports last week, which said the United States was considering Huawei-like sanctions on Chinese video surveillance firm Hikvision.

In the May 20-24 week, Japan’s Nikkei index fell for the third straight week, shedding 0.63%, while the Topix index lost 0.84%

Japanese investors bought 18.8 billion yen of overseas equities in the week ended May 24, their third straight week of net purchase, Ministry of Finance data showed.