TOKYO: Japanese shares ended lower on Tuesday as investors maintained a cautious stance ahead of corporate earnings, while Mitsubishi Motors plunged to an all-time low after the carmaker posted dismal quarterly numbers. The Nikkei share index fell 0.26% to 22,657.38, while the broader Topix lost 0.48% to 1,569.12.
The index initially was buoyed by a rebound in US technology shares on hopes of more fiscal stimulus from Washington. Languid trade provided a tailwind in the afternoon, however, with many investors on the sidelines ahead of a peak in Japanese earnings announcements this week and next.
The market was also weighed down by coronavirus worries as Tokyo registered 270 new Covid-19 cases. Among the companies that announced quarterly results on Monday, Mitsubishi Motors tumbled 12.64% to a record low after the carmaker posted dismal sales in its key Southeast Asian market and forecast a huge loss for this financial year.
Nissan Motor fell 4.63% following a Bloomberg report that cited the automaker will forego annual dividend this fiscal year. The automaker, which has an alliance with Mitsubishi Motors, is due to announce its earnings after market close. Hitachi Construction dropped 6.23% after its disappointing April-June earnings.
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