TOKYO, Oct. 22 (Xinhua) -- Tokyo stocks retreated on Wednesday as investors took profits following a rapid advance.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed down 8.27 points, or 0.02 percent, to close at 49,307.79.
The benchmark initially fell by as much as 700 points during the morning session on position adjustments and profit-taking by overseas investors in index futures.
The selling eased later in the day and the Nikkei briefly turned positive, supported by buying in undervalued sectors, which have lagged during the recent rally.
The TOPIX rose 16.93 points, or 0.52 percent, to 3,266.43, marking a fresh record close.
On the Tokyo Stock Exchange Prime Market, decliners totaled 303, while 1,267 issues advanced and 45 were unchanged. ■
