TOKYO, Oct 27 (Reuters) - Japanese shares pared early losses on Tuesday as strong earnings from camera and copy machine maker Canon helped counter weakness in travel and real estate stocks following a lower finish on Wall Street.
The market got support from upbeat earnings reports, with Canon 7751.T jumping 6.5% after raising its annual earnings outlook and legal portal service operator Bengo4.com 6027.T reversing course to rise 6.5% on upbeat quarterly results. sentiment, however, was weaker after worries about rising coronavirus cases hit Wall Street overnight.
The airline index .IAIRL.T dropped 3.4% as investors focused on the kind of support airlines could get to survive the COVID-19 pandemic.
Japan Airline 9201.T lost 3.2% as the Nikkei business daily reported it was likely to post a record net loss of about 230 billion yen ($2.20 billion) for the fiscal year ending March 2021. The company is also reportedly seeking 300 billion yen in funding. peer Star Flyer 9206.T lost as much as 7.0% after a report that it may sell new shares to a fund. operators also struggled, with West Japan Railway 9021.T and Central Japan Railway 9022.T falling 3.2% and 3.1%, respectively.
The REIT (real estate investment trust) index fell to a three-month low before some bargain-hunting helped it erase losses to rise 0.6%.
Shares of Nidec 6594.T , which have doubled from a low hit in March, dropped 1.8% even as the motor maker lifted its annual earnings estimate.
Nitto Denko 6988.T also dipped 0.1% after solid earnings.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.