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Japan shares end slightly higher, corporate outlook concerns cap gains

TOKYO, April 28 (Reuters) - Japanese shares closed slightly higher on Wednesday, led by technology stocks, but concerns about corporate outlook capped gains even as investors awaited a decision by the U.S. Federal Reserve.

The Nikkei share average edged up 0.21% to close at 29,053.97, while the broader Topix inched up 0.29% to 1,903.

“There is a growing concern among investors that corporate outlook may not meet their high expectations. That has been proven by recent fall in shares of some renowned companies which flagged strong outlook,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

“It is hard for investors to make any move today ahead of several significant events in Japan and the United States.”

Japan is in the middle of the corporate earnings season, with Sony Group, Shin-Etsu Chemical and TDK among major firms reporting their outlook after the market closes on Wednesday.

So far, a slew of companies, including Nidec and Canon, have failed to impress investors despite relatively strong earnings.

Technology firms such as robot maker Fanuc rose 2.03%, while air conditioner maker Daikin Industries gained 2.82%.

Nomura Holdings rose 1.54% after Japan’s largest brokerage said it would book a $2.9 billion loss from the collapse of U.S. investment fund Archegos.

That sent securities firms 1.82% higher, making it the top gainer among the Tokyo Stock Exchange’s 33 industry subindexes.

Kansai Electric Power rose 2.35% after the utility got the greenlight from local authorities to restart three reactors.

The stocks that gained the most among the top 30 core Topix names were Sony Group, gaining 3.14 %, followed by Daikin Industries.

Central Japan Railway Co, which fell 4.42%, was the worst performer among the Topix 30 stocks, followed by Daiichi Sankyo losing 3.10%. (Reporting by Junko Fujita; editing by Uttaresh.V and Krishna Chandra Eluri)

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