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Japan stocks drift lower ahead of Toyota earnings

Published 08/06/2020, 10:42 AM
Updated 08/06/2020, 10:50 AM
JP225
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TOPX
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8766
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4452
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7267
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8031
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5406
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7974
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7203
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By Stanley White
TOKYO, Aug 6 (Reuters) - Japanese shares edged lower in
choppy trade on Thursday, weighed down by concerns about
corporate profits ahead of Toyota Motor Corp's 7203.T earnings
announcement later in the day.
The Nikkei index .N225 ticked down 0.47% to 22,408.67 by
0213 GMT, with consumer staples and technology companies falling
the most.
The broader Topix .TOPX fell 0.39% to 1,548.53.
A series of disappointing earnings and forecasts from
domestic companies due to the COVID-19 pandemic have weighed on
the Japanese market for the past few sessions.
Although some investors argue that the decline in corporate
profits has bottomed out and earnings will gradually recover.
Slated to report on Thursday, Toyota will announce its
results in the afternoon, while Games maker Nintendo Co Ltd
7974.T and Kobe Steel 5406.T will release earnings after the
closing bell.
The underperformers among the top 30 core Topix were
automaker Honda Motor Co Ltd 7267.T , down 3.80%, followed by
skin care and cleaning product maker Kao Corp 4452.T , losing
1.79%.
Honda fell after it forecast a 68% decrease in annual
operating profit and posted its worst quarterly operating loss
since the March 2009 quarter. The stocks that gained the most among the Topix 30 names
were commodities trader Mitsui & Co Ltd 8031.T , up 1.87%,
followed by insurer Tokio Marine Holdings Inc 8766.T .
There were 156 advancers on the Nikkei index against 68
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.42 billion, compared with the average
of 1.2 billion in the past 30 days.

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