Japan shares four-day winning run as Sony and Panasonic pull

TOKYO, Feb 3 (Reuters) – Japanese stocks enjoyed a four-day winning streak on Thursday, weighed down by weaker Nasdaq futures, while investors sold tech stocks on worries about Sony Group’s gaming business and a decline in quarterly profit Panasonic made.

The Nikkei stock moving average (.N225) fell 1.06% to 27,241.31, while the broader Topix (.TOPX) fell 0.86% to 1,919.92.

All three Wall Street benchmarks closed higher overnight, but sentiment turned sour in post-market trading as Facebook owner Meta Platforms Inc (FB.O) plunged as much as 22% after beating analyst earnings estimates had missed and a weaker than expected forecast.

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“The Japanese market was hurt this morning by declines in US futures, which fell on after-hours losses in meta stocks,” said Takatoshi Itoshima, strategist at Pictet Asset Management.

“And Japanese companies seemed to have lost momentum,” Itoshima said, adding that some companies’ forecasts are strong but overall earnings growth has been slowing.

Shares in Sony Group (6758.T) fell 6.08% after four straight earnings sessions amid renewed concerns about the company’s gaming business amid component shortages and competition from larger rivals. Continue reading

Panasonic (6752.T) slipped 6.86% after the industrial conglomerate posted a sharper-than-expected 44% drop in operating profit in the third quarter. Continue reading

Other technology heavyweights also fell, with chip-making equipment maker Tokyo Electron (8035.T) down 2.3% and medical technology platform M3 Inc (2413.T) down 9.19%.

Japan Airlines (9201.T) shed 1.91% after the airliner forecast an annual net loss of 146 billion yen.

Rival ANA Holdings (9202.T) fell 0.88%.

Bucking the trend, NTT gained 1.68% after a report said the phone company’s operating profit for the nine months to December would rise 3% to about 1.55 trillion yen. Continue reading

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Reporting by Junko Fujita; Edited by Subhranshu Sahu

Our standards: The Thomson Reuters Trust Policy.


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