Japanese shares fall weighed by chip shares; Sony jumps on upbeat forecast

  • Reuters
  • Stock Market News
Japanese shares fall weighed by chip shares; Sony jumps on upbeat forecast
Credit: © Reuters.

TOKYO, Feb 4 (Reuters) - Japanese shares snapped a three-day winning streak on Thursday, dragged down by declines in chip-related companies, although a surge in shares of Sony 6758.T limited some losses.

Sony's shares rose 9.54% to hit its highest level since September 2000, and were the biggest gainer on the Nikkei share average .N225 , after the electronics and media giant raised its full-year profit outlook. declined 1.06% at 28,341.95, while the broader Topix .TOPX dipped 0.32% to 1,865.12.

Chip-related shares led losses, with Advantest 6857.T falling 3.94%, Sumco 3436.T losing 3.8% and Fanuc 6954.T declining 3.26%. Tokyo Electron 8035.T fell 2.6%.

"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 (NYSE: MS ) 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."

Transport stocks continued to rise on Thursday, with Japan Airlines 9201.T and West Japan Railway 9021.T gaining 1.48% and 0.71%, respectively.

Brokerages gained the most among the 33 sector sub-indexes on the Tokyo exchange as Nomura Holdings 8604.T jumped 4.09 after reporting strong earnings. Daiwa Securities Group 8601.T rose 2.03%.

The sea transport sector jumped 2.96% after Kawasaki Kisen raised its outlook. The shipping company rose 4.39% and its peer Nippon Yusen 9101.T gained 4.3%.

Kao 4452.T fell 8.19 after the cosmetics and toiletries maker reported a 14.9% decline in its annual net profit, making it the biggest loser on the Nikkei. Z Holdings 4689.T followed by losing 6.37% and Kikkoman 2801.T was down 6.09%.

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