TOKYO, Nov 5 (Reuters) - Japanese shares fell on Friday, weighed down by uncertainties about domestic corporate outlook, while gains in chip-related shares tracking their U.S. peers limited losses.
The Nikkei share average dropped 0.6% to 29,604.37 by 0158 GMT, after inching up 0.15% earlier in the session. The index is set to gain 2.43% for the week.
The broader Topix lost 0.79% to 2,039.33.
“We had expected a series of upward revisions of corporate outlook toward the end of the year but it turned out we are seeing a mixture of good and bad outcome,” said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.
“Investors are looking at the full-year results and beyond. Right now it’s hard to buy manufactures, whose earnings might be affected by rising material costs and other factors.”
Toyota Motor fell 1.31% as the automaker warned that the global semiconductor shortage still posed risks to its full-year production plans.
Toyota raised its profit outlook but the auto maker was helped only by favourable currency rates, which dimmed outlook of other players and related manufacturers, market participants said.
Heavyweights air-conditioner maker Daikin Industries and medical equipment maker Terumo dragged down the Nikkei after their outlook missed market consensus.
Daikin fell 4.04% and Terumo lost 4.99%.
Mobile phone operator SoftBank lost 5.16% as it posted a 2.5% drop in half-year net profit due to cuts in phone charges.
Chip-related shares tracked a rally of U.S. chipmaker stocks, which was driven by Qualcomm’s strong financial forecast.
Tokyo Electron gained 1.23% and Shin-Etsu Chemical rose 0.74%,
(Editing by Rashmi Aich)
Source: Reuters