Japanese equities tumbled on weak quarterly results

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Source: Dukascopy Bank SA
© Scanpix/AFP
Japanese equities dropped from four-week high on Friday on concerns that companies will continue to disappoint investors reporting dismal quarterly results. An increased cautiousness ahead of the US GDP data release also pushed the Japanese stocks lower. The Nikkei 225 Index shed 1.45% to end the week at 8,933.06. Only one in ten sectors included in the index eased up. Telecommunications sector was the only gainer, with Softbank climbing 1.68%. Dragging the Japanese equity index lower, basic materials and industrials plunged 2.15% and 1.94%. Kobe Steel, Mitsubishi Materials and Nippon Light Metal slid 4.23%, 2.55% and 5.19%, respectively. Among industrials, FANUC and Asahi Glass tumbled 3.08% and 2.77%. FANUC announced that its operating profit declined by 12.6% in H1. The robot-producer also cut its full year forecast by 7.6%.


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