Tokyo's Key Nikkei Index Closes Lower

Tokyo, (APP - UrduPoint / Pakistan Point News - 10th Nov, 2023) Tokyo's key Nikkei 225 index closed lower Friday as the market was weighed down by SoftBank Group, which posted a net loss of $9.25 billion for the first half.

The benchmark Nikkei 225 index fell 0.24 percent, or 78.35 points, to end at 32,567.11, while the broader Topix index edged up 0.07 percent, or 1.60 points, to 2,336.72.

"The Nikkei index fell after disappointing results from major stocks such as Softbank Group and Sony Group," Iwai Cosmo Securities said in a note.

SoftBank Group tanked 8.16 percent to 5,790 Yen after the investment giant reported 1.4 trillion yen net loss for the April-September period on Thursday, as its bets on start-ups continue to struggle.

The company also had to account in anticipation for the bankruptcy of WeWork, an office-space start-up that had left expensive lessons for SoftBank founder Masayoshi Son who invested heavily in the firm.

Sony Group dropped 2.03 percent to 12,970 yen after its operating profit plunged 29.7 percent.

But the company raised its full-year net profit and sales forecasts on strong gaming, music and image-sensor businesses.

Honda tumbled 4.11 percent to 1,586 yen and Nissan dropped 4.45 percent to 607.2 yen despite both hiked their full-year sales and profit forecasts.

The companies profited from a weaker yen, but they pointed out that fierce price competition in China was posing a challenge for Japanese automakers.

The Dollar fetched 151.38 yen, almost unchanged from 151.35 yen on Thursday in New York.