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Japanese stocks dip on profit-taking; Fast Retailing caps Nikkei losses

Published 04/10/2020, 11:49 AM
Updated 04/10/2020, 11:50 AM
© Reuters.
US500
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DJI
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JP225
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IXIC
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TOPX
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9983
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7453
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IAIRL.T
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IMING.T
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IRUBR.T
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SYDNEY, April 10 (Reuters) - Japanese shares dropped on
Friday on profit-taking ahead of the weekend, with trading
volume remaining low due to the Easter holidays abroad.
The benchmark Nikkei average .N225 slipped 0.1% to
19,326.78 by the midday break, despite overnight gains on Wall
Street, as investors locked in some recent gains.
The Dow Jones Industrial Average .DJI rose 1.2%, the S&P
500 .SPX gained 1.5% and the Nasdaq Composite .IXIC added
0.8% on Thursday. .N
Bucking the broader weakness in Japanese equities, Nikkei
heavyweight Fast Retailing Co Ltd 9983.T climbed 3.8% on
earnings and forecast, helping to cap the benchmark's loses.
The owner of casual clothing chain Uniqlo forecast a 44%
fall in full-year profit after the coronavirus outbreak hit
sales in China and dealt a setback to its ambitions of
conquering the U.S. and European markets. Analysts said the markets liked the fact that the fashion
retailer provided a guidance, unlike many of its peers.
For the week, the Nikkei was up about 8.5%, which would be
its second biggest weekly gain since July 2016 if sustained
until the close.
The broader Topix .TOPX fell 0.5% to 1,409.43, with all
but four of the 33 sector sub-indexes on the exchange trading in
negative territory.
Mining .IMING.T , air transport .IAIRL.T and rubber
products .IRUBR.T were the worst three performing sectors on
the main bourse.
Ryohin Keikaku Co Ltd 7453.T shed 3.5% after the operator
of Muji-brand retail stores reported its net profit for the
business year ended in February fell 31%.
Overall activity was subdued, with the volume of shares
traded on the main board valued at 1.04 trillion yen by the
midday recess.

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