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Japan's Nikkei falls as dim corporate outlook dulls Sony's shine
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Japan's Nikkei falls as dim corporate outlook dulls Sony's shine
Nov 10, 2024 7:48 PM

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

fell on Monday as domestic firms' dim outlook hurt sentiment,

although Sony ( SONY ) jumped on posting a 73% rise in quarterly profit.

The Nikkei fell 0.39% to 39,347.79 by the midday

break, while the broader Topix was down 0.34% to

2,732.86.

"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 fell 1% on

Monday.

Nissan ( NSANF ) tanked for a second session, falling 4.72%

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 0.15%.

Uniqlo parent Fast Retailing ( FRCOF ) fell 0.55% to become

the biggest drag on the Nikkei, while chip-making equipment

maker Tokyo Electron ( TOELF ) shed 1.16%.

On the bright side, Sony ( SONY ) jumped 5.81% after the

audio equipment and game maker's operating profit rose 73% in

the July-September quarter.

Suzuki Motor ( SZKMF ) jumped 6.64% after raising its annual

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

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

Exchange's prime market, 34% rose, 62% fell and 3% were flat.

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