Nikkei in Japan closes down amid worries about business prospects

11 Nov, 2023

Nikkei in Japan closes down amid worries about business prospects

The Nikkei stock index in Japan closed lower on Friday as disappointing earnings reports from major companies impacted market sentiment, fostering a cautious approach among investors.

The 225-issue Nikkei Stock Average concluded the day at 32,568.11, marking a decline of 78.35 points, or 0.24 percent, from the previous day's close.

Conversely, the broader Topix index saw a modest rise, finishing at 2,336.72 with a 0.07 percent, or 1.60 points, increase.

Market activities were notably influenced by the earnings outcomes of individual stocks. SoftBank Group (SBG) announced significant net losses for the first fiscal half, resulting in an 8.16 percent decline in SBG's stock price, thereby impacting the Nikkei's downward trend.

Honda and Sony Group also experienced losses due to earnings that fell short of market expectations.

Within the top-tier Prime Market, gains were observed in marine transportation and oil and coal product issues, while precision instrument and rubber product issues faced declines.

Among the listed issues, 988 saw gains, 630 experienced declines, and 41 ended the day unchanged.