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Japan's Nikkei ends slightly higher; dim corporate outlook dulls Sony's shine
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Japan's Nikkei ends slightly higher; dim corporate outlook dulls Sony's shine
Nov 10, 2024 11:20 PM

(Updates at 0630 GMT)

TOKYO, Nov 11 (Reuters) - Japan's Nikkei share average

ended slightly higher on Monday, as gains were capped by

domestic firms' dim forecasts, with Sony ( SONY ) soaring on 73% rise in

its quarterly profit.

The Nikkei ended 0.08% higher at 39,533.32, while

the broader Topix inched down 0.09% at 2,739.68.

"A significant number of companies revised down their

outlook. That negative surprise has made investors cautious

about buying local stocks," said Shigetoshi Kamada, general

manager at the research department at Tachibana Securities.

"The market is awaiting the outcome of SoftBank (Group) and

banks to confirm the outlook trend."

Results of Honda Motor ( HMC ), which reported a surprise

15% drop in second-quarter operating profit last week, was

particularly a big surprise, said Kamada. The stock slipped

0.14% on Monday.

Nissan ( NSANF ) fell for a second session, falling 4.31%

after announcing last week it would cut 9,000 jobs and 20% of

its manufacturing capacity as it struggles with sales in China

and the United States.

Toyota ( TM ) slipped 0.34%.

Sony ( SONY ) jumped 6% after the audio equipment and game

maker's operating profit rose 73% in the July-September quarter.

Home appliances retailer Nojima ( NJMLF ) jumped 4.63% after

announcing it would buy Vaio, a computer business originally

owned by Sony ( SONY ), from an investment fund Japan Industrial

Partners.

Suzuki Motor ( SZKMF ) added 4.39% after raising its annual

operating and net profit forecasts for the year to March 2025.

Home security services provider Secom ( SOMLF ) fell 4.97% to

drag the Nikkei the most. Air conditioner maker Daikin

Industries ( DKILF ) shed 2.71%.

Of more than 1,600 stocks trading on the Tokyo Stock

Exchange's prime market, 42% rose, 55% fell and 2% traded flat.

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