Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japanese shares slide on profit-taking; automakers hit 6-year high

10/17/2021 | 10:35pm EST

TOKYO, Oct 18 (Reuters) - Japanese shares slipped on Monday as investors booked profits following a rally over the past couple of weeks, but automakers gained after Toyota Motor hinted that it could still hit its full-year output plan despite chip shortages.

Investors were also cautious on rising uncertainty on the Chinese economy as debt-laden Chinese property firm Evergrande struggles for its survival and as the country's GDP slowed in the third quarter.

By midday, the Nikkei share average fell 0.28% to 28,987.66, stepping back after rising to 29,144.33, its highest level since Oct. 1.

"A lot of investors would like to take profits when the Nikkei is above 29,000. My feeling is they are also wary of Evergrande's troubles ahead of its deadline to avoid default," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management.

The broader Topix lost 0.37% to 2,016.53but Topix transport equipment maker index rose 1.8% to reach its highest levels since 2015.

Toyota Motor rose 2.5% after it cut its planned global output for November by as much as 15% due to ongoing chip shortages, but indicated it would ramp up production from December by sticking to its latest full-year production target.

Rival carmakers also gained, with Suzuki Motor up 2.5%, Subaru adding 2.2% and car part maker Denso rising 2.6%, as a weaker yen is seen as boosting their profit.

Resource-related shares were another bright spot thanks to the strength of commodity market. Mitsui Mining rose 5.1%, while Sumitomo Metal added 2.1% and oil explorer Inpex gained 5.0%.

BayCurrent Consulting lost 11.7% as its solid quarterly earnings fell short of strong investor expectations. Its stock price is still up almost 150% so far this year.

Fintech start-up Money Forward tumbled 12.8% after it reported larger-than-expected quarterly losses.

Pasona lost 5.8% after investors were underwhelmed by the staffing service firm's quarterly results. (Reporting by Hideyuki Sano; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BAYCURRENT CONSULTING, INC. -3.86% 47300 End-of-day quote.161.47%
CHINA EVERGRANDE GROUP 0.44% 2.29 End-of-day quote.-84.63%
DENSO CORPORATION -2.01% 8331 End-of-day quote.35.82%
INPEX CORPORATION 0.11% 937 End-of-day quote.68.53%
MITSUI MINING & SMELTING CO., LTD. -0.91% 2930 End-of-day quote.-22.59%
MONEY FORWARD, INC. -5.56% 7820 End-of-day quote.59.10%
PASONA GROUP INC. 0.42% 3545 End-of-day quote.71.09%
SUBARU CORPORATION -3.27% 2142.5 End-of-day quote.3.88%
SUMITOMO METAL MINING CO., LTD. -0.07% 4233 End-of-day quote.-7.56%
SUZUKI MOTOR CORPORATION -2.96% 4585 End-of-day quote.-4.12%
TOYOTA MOTOR CORPORATION -0.55% 2001 End-of-day quote.25.74%
Latest news "Economy & Forex"
01:10pWall Street strategists see more gains in 2022
RE
01:10pMTN Nigeria drops 10% after low IPO pricing
RE
01:09pEx-Mastercard CEO Ajay Banga to join General Atlantic as vice chairman
RE
01:08pFirms taking on customers of failed suppliers may claim costs - UK regulator
RE
01:07pNotable quotes from the Reuters Next conference
RE
01:00pOil prices rally ahead of OPEC meeting despite Omicron concerns
RE
12:58pCanada's TSX to extend record-setting rally; pace of gains to slow
RE
12:55pInvestor group warns livestock industry needs to do more on methane
RE
12:51pSouth Africa's Santam names Britam chief Madzinga as CEO
RE
12:42pECB governors mull delaying call on future bond buys as outlook murky
RE
Latest news "Economy & Forex"