TOKYO, Oct 25 — Tokyo stocks closed lower on Monday, led by declines in tech shares with investors cautiously focused on corporate earnings and Japan’s upcoming general election.
The benchmark Nikkei 225 index fell 0.71 per cent, or 204.44 points, to 28,600.41, while the broader Topix index dipped 0.34 per cent, or 6.81 points, to 1,995.42.
The Nasdaq dropped 0.8 per cent in US trading on Friday, prompting investors to sell tech-related shares, brokers said.
The blue-chip Dow finished at a record on Wall Street on Friday, however, following solid corporate earnings.
“Players appear more cautious about upcoming general elections after the by-election result,” said Yoshihiro Okumura of Chibagin Asset Management.
Japanese Prime Minister Fumio Kishida’s ruling party lost a key lower house by-election on Sunday with just a week until the October 31 general election.
Kishida told reporters he had “solemnly” accepted the Liberal Democratic Party’s loss.
“Investors are also closely watching earnings as the corporate result season will get into full swing,” Okumura told AFP.
“Sony is to announce its first-half result this week, which may set the tone for the earnings of other companies.”
The dollar traded at ¥113.59 (RM4.15) in Asian afternoon trade, against ¥113.46 in New York on Friday.
In Tokyo, tech investor SoftBank Group plunged 3.37 per cent to ¥6,387 and Tokyo Electron, which makes tools to build semiconductors, lost 1.22 per cent to ¥50,130.
But Sony, which will release its earnings on Thursday, jumped 1.95 per cent to ¥13,065.
Panasonic soared 4.86 per cent to ¥1,445.5 following news reports that Apple may choose the firm as a battery supplier for its planned car. — AFP
Source: Malay Mail
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