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5 年前
Nikkei up from 4-week low, but tech shares drop on HP warning
2012年10月4日 / 凌晨3点07分 / 5 年前

Nikkei up from 4-week low, but tech shares drop on HP warning

* Canon, Ricoh, Konica slip after HP profit warning
    * Nikon falls on report operating profit below consensus
    * Volume moderate ahead of ECB, BOJ, jobs data

    By Sophie Knight
    TOKYO, Oct 4 (Reuters) - Japan's Nikkei share average inched
up from a four-week closing low in choppy trade on Thursday
morning as robust U.S. economic data and a softer yen offset
weakness in technology shares on concerns over dwindling
profits.
    Recently battered exporters were granted some breathing
space by a slightly softer yen, with Nissan Motor Co 
gaining 4.3 percent, but tech-related shares such as Canon Inc
 slipped after a profit warning from U.S. counterpart
Hewlett-Packard.
    Nikon Corp also sagged 3.6 percent after the Nikkei
business daily said its interim operating profit would drop 43
percent on the year to 35 billion yen ($445 million), signalling
a slowdown in sales. 
    The Nikkei added 0.6 percent to 8,800.76 in moderate
trade as investors eyed a European Central Bank meeting on
Thursday and a Bank of Japan policy decision and U.S. jobs data
on Friday.
    "People are paying attention to the payroll figures in the
hope that they will trigger an upward trend, but there's quite a
solid ceiling on the market at the moment," said Hiroyuki
Fukunaga, CEO of Investrust. "Macro events will also have less
bearing on the market's direction than earnings season, with
these downward revisions."
    Canon and Konica Minolta Holdings Inc both
sagged 2.7 percent, while TDK Corp dropped 1.8 percent
after HP warned of a darker outlook for 2013 earnings.
    Dealt a double blow from a J.P Morgan downgrade to "neutral"
from "overweight", micro motor maker Nidec Corp 
slumped 4.2 percent.
    "Investors are backing out of tech shares, where profits are
looking weaker and weaker," said Yasuo Sakuma, portfolio manager
at Bayview Asset Management. "After companies went ex-dividend
at the end of September there are precious few reasons to buy."
    Yet a more favourable exchange rate, with 77.6 yen to the
dollar by the midday break hoisted automakers up a day after
data showing massive U.S. sales increases for Toyota Motor Corp
 and Honda Motor Co in September.
    Both stocks gained 3 percent, with Toyota the most-traded
stock by turnover on the main board, followed closely by Nissan.
    Boosted by the transport equipment sector's gain
of 3.1 percent, the broader Topix added 0.9 percent to
733.79 i n moderate trade, with volume at 51.1 percent of its
full-day average over the past 90 days.
    
    MIXED CONSENSUS
    The Nikkei has stuttered slowly over the past four sessions
in low volumes ahead of meetings between the ECB and BOJ
meetings, as well as the U.S. jobs statistics on Friday. 
    Market consensus is mixed over whether the BOJ will ease
monetary policy further, as it may be reluctant to expand its
balance sheet after swelling it by 10 trillion yen ($127
billion) last month, although its latest survey showed
increasing pessimism about the domestic economy.
    However, in the latest sign that the U.S. economy is getting
back on its feet, data showed growth in the country's service
sector in September, contrary to economists' expectations of a
slight decrease, while the private sector added more jobs than
anticipated last month. 
    "After falling for four days and a totally directionless day
yesterday, the market is due for a rebound and the U.S. data
will be the catalyst," said Toshiyuki Kanayama, senior market
analyst at Monex.
    The Nikkei ended down for a fourth consecutive session on
Wednesday, losing 0.5 percent to 8,746.87 to a four-week closing
low.
    "The troughs over the last five months have been gradually
getting higher so it's very important it doesn't hit its Sept. 3
low of 8,646," said Kanayama.
    The benchmark stooped to 8,238.96 on June 4, and then fell
to 8,328.02 on July 25 after another brief rally. Another
rebound and pullback left it at 8,646.03 on Sept. 6.
    The index is expected to close up 12 percent on the year at
about 9,500, according to 22 analysts and fund managers polled
by Reuters. The index is currently up 4.1 percent for the year.

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