Japanese shares eke out small gains

Published: May 01, 2018 15:03:31 | Updated: May 03, 2018 10:34:16

File Photo (Collected)

Japanese shares eked out modest gains on Tuesday supported by buying in index-heavy stocks such as Fast Retailing and Fanuc, though Sony tumbled after the company issued a profit warning.

The Nikkei ended 0.2 per cent higher at 22,508.03 in holiday-thinned trade, after moving in and out of the black earlier. However, the broader Topix dropped 0.2 per cent to 1,774.18.

Japan has kicked off Golden Week holidays which tends to subdue trading activity. Markets were closed on Monday, and will be closed on Thursday and Friday for national holidays.

Fast Retailing and Fanuc Corp rose 1.7 per cent and 1.8 per cent, respectively, contributing a combined 47 points to the Nikkei, reports Reuters.

Sony Corp tumbled 6.1 per cent after the company forecast operating profit of 670 billion yen ($6.13 billion) for the year through March.

The stock loss accounted for a sizable 12 points in the benchmark index.

On the other hand, Hitachi Ltd jumped 6.1 per cent after the company forecast a record-high operating profit for this fiscal year, up 4.9 per cent on the year to 750 billion yen.

Banks underperformed, with Mitsubishi UFJ Financial Group falling 3.0 per cent and Sumitomo Mitsui Financial Group shedding 1.4 per cent.

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