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.