Sunday, September 22, 2019

Tokyo stocks open lower as attention shifts to earnings

Apr 20. 2018
Facebook Twitter

By Agence France-Presse

2,018 Viewed

Tokyo stocks opened lower on Friday after drops on Wall Street, as investors waited for earnings reports by major companies starting next week.

The benchmark Nikkei 225 index slipped 0.26 percent or 58.69 points to 22,132.49 in early trade while the broader Topix index was down 0.10 percent or 1.71 points at 1,748.47.

"Investors are now focusing on (Japanese) company earnings for the year ending in March and forecasts for the current year," said Mutsumi Kagawa, chief global strategist at Rakuten Securities, in a client note.

"We should note that a solid global economy led by the United States often improves earnings of global companies."

Wall Street stocks retreated Thursday on worries about Apple following a weak outlook from supplier Taiwan Semiconductor Manufacturing.

In Tokyo, selling hit companies in the semiconductor and electronics companies.

Microchip-testing device maker Tokyo Electron fell 3.39 percent to 19,340 yen and TDK lost 2.64 percent to 9,560 yen.

Sony was down 0.22 percent at 5,359 yen.

Takeda sank 2.10 percent to 4,988 yen after it confirmed an unsuccessful $60-billion takeover bid for Irish drugmaker Shire.

The proposal was rejected but "discussions between the parties regarding a potential offer are ongoing," the Japanese pharma giant said.

Facebook Twitter
More in News
Editor’s Picks
Top News