February 20, 2018 / 6:46 AM / 8 months ago

Nikkei drops as financials, index-heavyweights underperform

TOKYO, Feb 20 (Reuters) - Japanese stocks dropped on Tuesday as a combination of a retreat in risk appetite and profit-taking dented the broader market, with financials and index-heavy shares underperforming .

The Nikkei dropped 1.0 percent to 21,925.10, after rising 2 percent on Monday.

The broader Topix declined 0.7 percent to 1,762.45, with only 1.23 billion shares changing hands, the lowest since late December. Turnover also dropped 14 percent to the lowest since late December to 2.2 trillion yen.

Asian stock markets were down, offering few positive catalysts. Analysts also said that falling U.S. futures had dampened sentiment, with e-mini futures for the S&P 500 off 0.2 percent.

Banks and insurers lost ground, with Mitsubishi UFJ Financial Group declining 1.1 percent, Sumitomo Mitsui Financial Group shedding 1.2 percent and T&D Holdings dropped 2.3 percent.

Index-heavy stocks, which rose on Monday, languished. Fast Retailing fell 2.2 percent and Fanuc Corp stumbled 2.5 percent. (Reporting by Ayai Tomisawa Editing Shri Navaratnam)

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