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Japanese shares fall as investors look past upbeat corporate outlook

Published 27/04/2021, 03:59
© Reuters.
JP225
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IXIC
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TOPX
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7751
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8035
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6762
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8316
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6971
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6988
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6861
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6594
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7741
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TOKYO, April 27 (Reuters) - Japanese shares inched lower on
Tuesday as investors looked past upbeat corporate outlook amid
worries about the government's handling of the COVID-19
pandemic, while chip-related stocks took cues from a positive
finish overnight on the Nasdaq.
The Nikkei share average .N225 inched down 0.15% to
29,083.82 by 0211 GMT, while the broader Topix .TOPX slipped
0.37% to 1,910.83.
"There are uncertainties on the effect of the state of
emergency that is imposed on certain parts of Japan, as many
people seem to be ignoring it," said Takatoshi Itoshima,
strategist at Pictet Asset Management.
"Shares in companies, which reported positive earnings, are
not rising. That means investors' expectations for corporate
outlook are too high."
Japan imposed a third state of emergency on Tokyo and other
big cities, but local media have reported many parts of Tokyo
are still crowded as people aren't complying with the order.
Chip-related shares gained, aided by a strong finish for the
Nasdaq .IXIC overnight. Tokyo Electron 8035.T inched up
0.29%, TDK 6762.T gained 1.45% and Kyocera 6971.T rose
0.95%.
Camera and medical equipment maker Canon 7751.T edged down
0.19% even after its annual operating profit forecast beat
market consensus. Nitto Denko 6988.T slipped 1.49% after the industrial
materials maker's annual net profit forecast missed analysts'
consensus. The stocks that gained the most among the top 30 core Topix
names were Nidec 6594.T up 1.31 %, followed by Sumitomo Mitsui
Financial Group 8316.T rising 1.17%.
The underperformers among the Topix 30 were Keyence 6861.T
down 2.92%, followed by Hoya 7741.T that lost 1.99%.

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