TOKYO, Oct 27 (Reuters) - Japanese shares ended nearly flat
on Tuesday, as strong earnings from camera and copy machine
maker Canon helped counter weakness in travel and real estate
stocks following a lower finish on Wall Street.
After dropping as much as 1.1% in early trade, the Nikkei
share average .N225 was nearly flat at 23,485.80 while the
broader Topix .TOPX lost 0.09% to 1,617.53.
The market got support from upbeat earnings reports, with
Canon 7751.T jumping over 8% after raising its annual earnings
outlook and legal portal service operator Bengo4.com 6027.T
reversing course to rise 7.5% on upbeat quarterly results.
Overall sentiment, however, was weaker as growing worries
over a second wave of infections in the United States and Europe
pressured Wall Street overnight. Declining the most, the airline index .IAIRL.T dropped
3.7% as investors focused on the kind of support airlines would
get to survive the COVID-19 pandemic.
Japan Airline 9201.T lost 4.27% as the Nikkei business
daily reported it was likely to post a record net loss of about
230 billion yen ($2.20 billion) for the fiscal year ending March
2021. It is also reportedly seeking 300 billion yen in funding.
Smaller peer Star Flyer 9206.T ended 0.9% lower, having
lost as much as 7.0% after a report that it may sell new shares
to a fund. Railway operators also struggled, with West Japan Railway
9021.T and Central Japan Railway 9022.T falling around 3%
each.
Real estate companies Mitsubishi Fudosan 8801.T and
Sumitomo Realty 8830.T fell 2.4% and 1.75%, respectively.
The REIT (real estate investment trust) index fell to a
three-month low before some bargain-hunting helped it erase
losses to finish nearly flat.
Shares of Nidec 6594.T , which have doubled from a low hit
in March, dropped 1.8% even as the motor maker lifted its annual
earnings estimate.
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Nikkei closes little changed as upbeat earnings offset coronavirus woes
Published 27/10/2020, 07:20
Updated 27/10/2020, 07:24
Nikkei closes little changed as upbeat earnings offset coronavirus woes
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