TOKYO, July 1 (Xinhua) -- Tokyo stocks retreated Tuesday as the recent rally prompted widespread profit-taking amid concerns of a short-term overbought market.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 39,986.33, down 501.06 points, or 1.24 percent, from the previous trading day.
High-priced stocks such as Fast Retailing came under pressure, with the Nikkei's losses briefly exceeding 600 points.
Semiconductor stocks like Tokyo Electron and Lasertec, which had surged in June, also faced notable selling.
The broader Topix Index fell 20.77 points, or 0.73 percent, to 2,832.07.
On the Tokyo Stock Exchange Prime Market, 482 issues advanced, 1,094 declined, and 51 were unchanged. ■