Japan shares inch higher, corporate outlook worries cap gains

  • Reuters
  • Stock Market News
Japan shares inch higher, corporate outlook worries cap gains
Credit: © Reuters.

TOKYO, April 28 (Reuters) - Japanese shares rose on Wednesday, led by technology stocks, although gains were capped by concerns about corporate outlook, while investors awaited a decision by the U.S. Federal Reserve and President Joe Biden's address to Congress.

The Nikkei share average .N225 inched up 0.29% to 29,075.62 by 0208 GMT, while the broader Topix .TOPX edged up 0.34% to 1,910.27.

"There is a growing concern among investors that corporate outlook may not meet their high expectations. That has been proven by recent fall in shares of some renowned companies which flagged strong outlook," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"It is hard for investors to make any move today ahead of several significant events in Japan and the United States."

Japan is in the middle of the corporate earnings season, with Sony Group 6758.T , Shin-Etsu Chemical 4063.T , TDK 6762.T being among major firms reporting their outlook after the market closes on Wednesday.

So far, a slew of companies, including Nidec 6594.T and Canon 7751.T , have failed to impress investors despite relatively strong earnings. firms such as robot maker Fanuc 6954.T jumped 2.48%, while chip-making equipment maker Tokyo Electron 8035.T added 1.06%.

Nomura Holdings 8604.T rose 1.78% after Japan's largest brokerage said it would book $2.9 billion worth of pain from the collapse of U.S. investment fund Archegos. Electric 6504.T gained 10.92%, making it the biggest percentage gainer on the Nikkei, followed by Fujikura 5803.T gaining 5.58% and Tokyu Fudosan Holdings 3289.T , which rose 4.57%.

The largest percentage loser on the index was Tokuyama 4043.T , down 7.95%, followed by Kyocera 6971.T losing 5.76% and Nippon Yusen 9101.T , which fell 3.59 %.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.49 billion, compared with the average of 1.21 billion in the past 30 days.

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