Japanese shares slip as chip-related stocks lose steam; Sony jumps on strong earnings

  • Reuters
  • Stock Market News
Japanese shares slip as chip-related stocks lose steam; Sony jumps on strong earnings
Credit: © Reuters.

TOKYO, Feb 4 (Reuters) - Japanese shares snapped a three-session rally on Thursday, mainly led by declines in chip-related shares as investors booked profits, while electronics and media giant Sony jumped more than 9% on upbeat third-quarter earnings.

Nikkei share average .N225 edged down 0.42% at 28,523.06 by 0145 GMT, while the broader Topix .TOPX fell 0.01% to 1871.04.

Chip-related shares led losses, with Advantest 6857.T falling 4.75%, followed by Sumco 3436.T and TDK 6762.T losing 4.18% and 3.64%, respectively.

"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."

Sony 6758.T surged 9.45% and was the biggest gainer in Nikkei, after the company raised its full-year profit outlook. stocks continued their rallies, with Japan Airlines 9201.T and Central Japan Railway 9022.T gaining 3.15% and 1.49%, respectively.

Brokerages gained the most among the 33 sector sub-indexes on the Tokyo exchange, after Nomura Holdings 8604.T reported strong earnings and jumped 5.24%. Daiwa Securities Group 8601.T rose 3.7%.

Sea transport sector jumped 4.74%, after Kawasaki Kisen raised its outlook. Kawasaki Kisen surged 7.14%, while Nippon Yusen 9101.T jumped 6.23%.

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