Japan's Nikkei edges down on caution before earnings, profit-taking
06/02/2024 03:39
By Brigid Riley
TOKYO, Feb 6 (Reuters) - 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 .N225 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 .TOPX 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 U.S.
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 7203.T 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 4911.T came up on top
with gains of 3.97% in the morning session, followed by Konica
Minolta Inc 4902.T gaining 3.58% and department store business
Isetan Mitsukoshi Holdings Ltd 3099.T up by 3.44%.
The largest percentage losses in the index were electrical
equipment manufacturer Omron Corp 6645.T down 15.21%, Pacific
Metals Co Ltd 5541.T falling 9.28%, and delivery service
Yamato Holdings Co Ltd 9064.T down by 7.43%.
(Reporting by Brigid Riley; Editing by Mrigank Dhaniwala)
((brigid.riley@thomsonreuters.com;))