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Japanese shares fall on disappointing tech outlook, pandemic concerns

Stock Markets Apr 30, 2021 08:30
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TOKYO, April 30 (Reuters) - Japanese shares ended lower on
Friday, weighed down by technology firms' disappointing outlook,
while a spike in domestic COVID-19 infections hit investor
sentiment.
The Nikkei 225 Index .N225 fell 0.83% to close at
28,812.63, while the broader Topix .TOPX slipped 0.57% to
1,898.24.
Japanese tech stocks led the declines, as investors sifted
through latest earnings reports and sold shares of companies
that failed to live up to their lofty expectations for a robust
rebound this year, analysts said.
Investors are also growing more worried about COVID-19, as
new infections in Tokyo and Osaka are rising even after the
declaration of a state of emergency for the two cities at the
start of this week, analysts said.
Tokyo reported 1,027 daily infections on Thursday, the
highest since Jan. 18. "The earnings coming in so far have not justified the
massive rally in stocks from last year, so the upside is
limited," said Ayako Sera, a market strategist at Sumitomo
Mitsui Trust Bank.
"Britain and the United States have shown that vaccinations
lead to a resumption of economic activity, but unfortunately
Japan is lagging behind."
Z Holdings 4689.T fell 7.11% after the search engine
operator and internet advertiser's profit forecasts for the
current fiscal year disappointed investors who were expecting
more benefits from its merger last month with Line, Japan's most
popular messaging app.
Sony Group 6758.T lost 7.714% after the maker of the
PlayStation gaming console said it expects profits to fall as
stay-at-home demand wanes. Murata Manufacturing Co 6981.T also fell 3.55% after the
electronic parts maker's forecasts also fell short of analysts'
expectations.
One exception to the declines in the tech sector was
CyberAgent Inc 4751.T . Shares of the mobile video-game
operator surged 15.28% after the company raised its earnings
forecasts.

Japanese shares fall on disappointing tech outlook, pandemic concerns
 

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