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Japan's Topix slips as worries about corporate outlook weigh on chip stock gains

Published 16/04/2021, 03:51
Updated 16/04/2021, 03:54
© Reuters.

TOKYO, April 16 (Reuters) - Japan's Topix edged lower on
Friday as gains in heavyweight chip stocks were capped by
investor concerns about Japanese corporate outlook ahead of the
earnings season.
The broader Topix .TOPX was down 0.19% to 1,955.50 by 0209
GMT, while the Nikkei index were almost flat at 29,636.41.
"Investors are getting cautious about corporate outlook
ahead of earnings season starting next week," said Shingo Ide,
chief equity strategist at NLI Research Institute.
"Their expectations were so strong that now they are
concerned more firms might follow Yaskawa Electric which didn't
meet market expectations."
Japanese major manufacturers will kick off their annual
corporate earnings season next week, starting with electronic
components maker Nidec 6594.T on Thursday.
Robot maker Yaskawa 6506.T , the leading indicator on
Japanese manufacturers' earnings trend, this week disappointed
investors with its profit outlook and its stock has lost more
than 7% this week.
Chip-related shares gained after Taiwan Semiconductor
Manufacturing Ltd (TSMC) 2330.TW , TSM.N reported a 19.4%
rise in first-quarter profit on strong chip demand. Advantest 6857.T rose 0.57%, Tokyo Electron 8035.T
gained 0.84% and Renesas Electronic 6723.T jumped 2.08%.
Toshiba 6502.T dropped 4.9% after a report that the
conglomerate told its lenders that the company plans to reject a
buyout proposal from private equity firm CVC Capital Partners.
The largest percentage gainers in the index were Toho
9602.T , up 2.41%, followed by M3 Inc 2413.T gaining 2.34%
and Daiwa House Industry 1925.T , up 1.83%.
Nippon Yusen 9101.T , down 3.05%, was the largest loser on
the index, followed by Tokyo Electric Power 9501.T , losing
2.96%, and Hitachi Zosen 7004.T , down 2.9%.

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