Japan's Nikkei follows Wall Street down; technology stocks hit

  • Reuters
  • Stock Market News
Japan's Nikkei follows Wall Street down; technology stocks hit

* Nikkei down 3.21 pct, touches a 2-week low

* Tech shares slip after Apple's slide hurts U.S. counterparts

By Shinichi Saoshiro

TOKYO, Nov 13 (Reuters) - Japan's Nikkei share average tracked losses on Wall Street and fell to a two-week low on Tuesday, with technology stocks slipping after U.S. counterparts were hit by Apple Inc's slide.

The Nikkei was down 3.21 percent at 21,554.45 at the midday break after going as low as 21,484.65, its weakest since Oct. 30.

Weighing on the tech-heavy Nasdaq .IXIC , Apple AAPL.O shares fell 5.0 percent on Monday after several suppliers to the company, including Lumentum Holdings Inc LITE.O , cut their forecasts. turn, Apple-linked shares in Tokyo retreated. Japan Display Inc 6740.T sank more than 7 percent, Murata Manufacturing Co 6981.T lost 4.1 percent, Minebea Mitsumi 6479.T slid 4.7 percent and TDK Corp 6762.T lost 8.2 percent.

Other technology shares also fell in the wake of the overnight U.S. retreat, with Tokyo Electron 8035.T falling 3.1 percent, Screen Holdings 7735.T shedding 5.3 percent and Advantest Corp 6857.T losing 4.9 percent. Sony Corp 6758.T was down 4.6 percent.

"A fair number of factors are weighing on the market currently, such as seeming weakness in some U.S. tech giants and lingering worries about the Chinese economy," said Yoshinori Shigemi, global market strategist at JPMorgan (NYSE: JPM ) Asset Management.

Automakers sagged following news that the U.S. Commerce Department submitted draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25 percent on imported cars and parts on national security grounds. Motor Corp 6523.T lost 3 percent, Nissan Motor Co 7201.T dropped 2 percent and Honda Motor 7267.T was down 3.2 percent.

Toshiba Corp 3740.T bucked Monday's trend and rose 3.3 percent after announcing that it would repurchase up to 192.6 million shares, or 30 percent of its outstanding stock. of Tokyo's 33 subindexes were in the red.

The broader Topix .TOPX was down 2.8 percent at 1,625.09. (Editing by Richard Borsuk)

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