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STOCKS-JAPAN-CLOSE-MARKETS
Tokyo stocks close lower ahead of earnings
TOKYO, April 24, 2019 (BSS/AFP) – Tokyo stocks closed lower on Wednesday
as investors remained cautious amid corporate earnings season and ahead of an
unprecedented 10 days of holidays next week.
The benchmark Nikkei 225 index lost 0.27 percent or 59.74 points to end at
22,200.00, while the broader Topix index fell 0.67 percent or 10.92 points at
1,612.05.
“Investors locked in profits following lackluster moves of Chinese
shares,” strategist Yoshihiro Ito of Okasan Online Securities said in a
commentary.
“Selling pressure also emerged ahead of the 10-day holidays,” he said,
adding traders were trying to evaluate corporate earnings reports.
The dollar fetched 111.80 yen in Asian trade, against 111.85 yen in New
York.
In Tokyo share trading, Nissan dropped 3.99 percent to 904.9 yen as
traders braced for a fresh profit warning that came after the closing bell.
Nissan downgraded its projection for net profit in the fiscal year to
March 2019 from 410 billion yen ($3.7 billion) to 319 billion yen.
Utility firms were lower with Kansai Electric plunging 7.82 percent to
1,443.5 yen and Kyushu Electric 5.28 percent to 1,094 yen.
The losses stemmed from a threat by Japan’s nuclear watchdog to shut down
plants if operators failed to implement anti-terror measures by a set
deadline.
Meanwhile, precision motor maker Nidec was up 0.76 percent to 15,870 yen
after it announced a 15-percent decline in its full-year net profit.
However, the firm forecast a 21-percent growth in net profit for the
current year to March 2020.
BSS/AFP/HR/1250