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

  • Reuters
  • Stock Market News
Japanese stocks dip on profit-taking; Fast Retailing caps Nikkei losses
Credit: © Reuters.

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. 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%. 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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