TOKYO, April 16 (Reuters) - Japan's Topix edged lower on Friday as gains in heavyweight chip stocks were capped by investor concerns about Japanese corporate outlook ahead of the earnings season.
"Investors are getting cautious about corporate outlook ahead of earnings season starting next week," said Shingo Ide, chief equity strategist at NLI Research Institute.
"Their expectations were so strong that now they are concerned more firms might follow Yaskawa Electric which didn't meet market expectations."
Japanese major manufacturers will kick off their annual corporate earnings season next week, starting with electronic components maker Nidec 6594.T on Thursday.
Robot maker Yaskawa 6506.T , the leading indicator on Japanese manufacturers' earnings trend, this week disappointed investors with its profit outlook and its stock has lost more than 7% this week.
Chip-related shares gained after Taiwan Semiconductor Manufacturing Ltd (TSMC) 2330.TW , TSM.N reported a 19.4% rise in first-quarter profit on strong chip demand. 6857.T rose 0.57%, Tokyo Electron 8035.T gained 0.84% and Renesas Electronic 6723.T jumped 2.08%.
Toshiba 6502.T dropped 4.9% after a report that the conglomerate told its lenders that the company plans to reject a buyout proposal from private equity firm CVC Capital Partners. largest percentage gainers in the index were Toho 9602.T , up 2.41%, followed by M3 Inc 2413.T gaining 2.34% and Daiwa House Industry 1925.T , up 1.83%.
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.