Japan’s Nikkei edges down on caution before earnings, profit-taking – Times of India

by The Technical Blogs



TOKYO: Japan’s Nikkei share average fell on Tuesday, as investors assessed the latest string of domestic earnings reports and as high stock prices prompted profit-taking.
The Nikkei index was down 0.66% at 36,114.06 at the midday close, with 70 of the index’s 225 constituents gaining against 155 decliners.
The broader Topix was down 0.82% at 2535.81.
Japanese stock indexes tracked their Wall Street peers, which closed lower overnight as the market reacted to mixed US earnings reports and pushback from Federal Reserve against speculation of imminent interest rate cuts.
Overall, however, “it doesn’t feel like there is much movement based on an overall theme” in Japan’s stock market on Tuesday so much as focus on individual stocks, said Hiroshi Namioka, chief strategist at T&D Asset Management.
With Japan’s earnings season well underway, investors weighed the latest revenue announcements, and financial results combined with high prices were generating some profit-taking.
Investor focus was also on upcoming results, including index heavyweight Toyota Motor later in the Asian afternoon.
Toyota Motor shares were last down 1.1%, after the company announced the suspension of some lines during early shifts at plants affected by bad weather on Tuesday.
“There may be a sense of caution today before the results are announced,” said Namioka.
Cosmetic company Shiseido Co Ltd came up on top with gains of 3.97% in the morning session, followed by Konica Minolta Inc gaining 3.58% and department store business Isetan Mitsukoshi Holdings Ltd up by 3.44%.
The largest percentage losses in the index were electrical equipment manufacturer Omron Corp down 15.21%, Pacific Metals Co Ltd falling 9.28%, and delivery service Yamato Holdings Co Ltd down by 7.43%.





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