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Japanese shares slip as chip-related stocks lose steam; Sony jumps on strong earnings

Published 02/04/2021, 11:03 AM
Updated 02/04/2021, 11:10 AM
© Reuters.

TOKYO, Feb 4 (Reuters) - Japanese shares snapped a
three-session rally on Thursday, mainly led by declines in
chip-related shares as investors booked profits, while
electronics and media giant Sony jumped more than 9% on upbeat
third-quarter earnings.
Nikkei share average .N225 edged down 0.42% at 28,523.06
by 0145 GMT, while the broader Topix .TOPX fell 0.01% to
1871.04.
Chip-related shares led losses, with Advantest 6857.T
falling 4.75%, followed by Sumco 3436.T and TDK 6762.T
losing 4.18% and 3.64%, respectively.
"Chip-related shares rose too much before the earnings
season started but now all the good news are out," said
Norihiro Fujito, chief investment strategist at Mitsubishi UFJ
Morgan Stanley Securities.
"Virus-beaten down transport shares are gaining but whether
those shares could maintain the momentum is questionable as the
pandemic is far from over."
Sony 6758.T surged 9.45% and was the biggest gainer in
Nikkei, after the company raised its full-year profit outlook.
Transport stocks continued their rallies, with Japan
Airlines 9201.T and Central Japan Railway 9022.T gaining
3.15% and 1.49%, respectively.
Brokerages gained the most among the 33 sector sub-indexes
on the Tokyo exchange, after Nomura Holdings 8604.T reported
strong earnings and jumped 5.24%. Daiwa Securities Group
8601.T rose 3.7%.
Sea transport sector jumped 4.74%, after Kawasaki Kisen
raised its outlook. Kawasaki Kisen surged 7.14%, while Nippon
Yusen 9101.T jumped 6.23%.


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