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Nikkei slips ahead of earnings as investors see resistance at 30,000

11/07/2021 | 09:38pm EDT

TOKYO, Nov 8 (Reuters) - Japanese shares dipped on Monday as investors looked to the peak of quarterly earnings results this week, with many of them ready to take profit near the Nikkei's psychological resistance at the big number of 30,000.

The Nikkei share average fell 0.22% to 29,547.39, unable to maintain an early lead from record highs on Wall Street last week after a strong jobs data, and slipping further from a one-month high of 29,880.81 touched on Thursday.

The broader Topix ticked down 0.09% to 2,039.59, with decliners outnumbering advancers roughly by a ratio of 5 to 4.

Domestic earnings were the biggest drivers of the market.

Mixi sank by daily-limit, losing 18.2%, after the internet firm cut its earnings guidance sharply on poor sales of its main game service.

Robot maker Daifuku shed 8.4% on its earnings miss, while Kubota lost 8.0% after the manufacturer of agricultural machines and other goods also fell short of expectations in its quarterly earnings.

On the other hand, precision machine maker Olympus jumped 6.7% on bumper earnings results, while Round One , operator of bowling alleys and amusement centres, gained 10.2% after revising up net profit outlook thanks to government subsidies for shutdowns due to the pandemic.

More than 1,500 companies are scheduled to announce quarterly results this week, including SoftBank Group on Monday, Nissan Motor on Tuesday and Tokyo Electron on Friday.

(Reporting by Hideyuki Sano; Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIFUKU CO., LTD. 1.33% 8390 Delayed Quote.-11.91%
KUBOTA CORPORATION 1.76% 2308.5 Delayed Quote.-11.16%
MIXI, INC. -1.09% 2086 Delayed Quote.4.67%
NISSAN MOTOR CO LTD 2.88% 496.9 Delayed Quote.-13.10%
OLYMPUS CORPORATION 1.78% 2659 Delayed Quote.-1.40%
ROUND ONE CORPORATION 3.62% 1661 Delayed Quote.17.52%
S&P 500 0.24% 3909.9 Real-time Quote.-18.16%
SOFTBANK GROUP CORP. 3.50% 5232 Delayed Quote.-6.97%
TOKYO ELECTRON LTD 1.27% 58390 Delayed Quote.-13.01%
TOPIX INDEX 0.93% 1877.37 Delayed Quote.-6.64%
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