Japan shares inch higher, corporate outlook worries cap gains

Fujikura

28/04/2021 04:04

TOKYO, April 28 (Reuters) - Japanese shares rose on
Wednesday, led by technology stocks, although gains were capped
by concerns about corporate outlook, while investors awaited a
decision by the U.S. Federal Reserve and President Joe Biden's
address to Congress.
    The Nikkei share average  .N225  inched up 0.29% to
29,075.62 by 0208 GMT, while the broader Topix  .TOPX  edged up
0.34% to 1,910.27.
    "There is a growing concern among investors that corporate
outlook may not meet their high expectations. That has been
proven by recent fall in shares of some renowned companies which
flagged strong outlook," said Shoichi Arisawa, general manager
of the investment research department at IwaiCosmo Securities.
    "It is hard for investors to make any move today ahead of
several significant events in Japan and the United States." 
    Japan is in the middle of the corporate earnings season,
with Sony Group  6758.T , Shin-Etsu Chemical  4063.T , TDK
 6762.T  being among major firms reporting their outlook after
the market closes on Wednesday. 
    So far, a slew of companies, including Nidec  6594.T  and
Canon  7751.T , have failed to impress investors despite
relatively strong earnings.  urn:newsml:reuters.com:*:nL1N2MK0CX
    Technology firms such as robot maker Fanuc  6954.T  jumped
2.48%, while chip-making equipment maker Tokyo Electron  8035.T 
added 1.06%.
    Nomura Holdings  8604.T  rose 1.78% after Japan's largest
brokerage said it would book $2.9 billion worth of pain from the
collapse of U.S. investment fund Archegos.  urn:newsml:reuters.com:*:nL1N2MK0BQ 
    Fuji Electric  6504.T  gained 10.92%, making it the biggest
percentage gainer on the Nikkei, followed by Fujikura  5803.T 
gaining 5.58% and Tokyu Fudosan Holdings  3289.T , which rose
4.57%.
    The largest percentage loser on the index was Tokuyama
 4043.T , down 7.95%, followed by Kyocera  6971.T  losing 5.76%
and Nippon Yusen  9101.T , which fell 3.59 %.
    The volume of shares traded on the Tokyo Stock Exchange's
main board  .TOPX  was 0.49 billion, compared with the average
of 1.21 billion in the past 30 days. 

 (Reporting by Junko Fujita; editing by Uttaresh.V)
 ((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))