Tokyo stocks end flat as attention shifts to earnings

Tokyo stocks end flat as attention shifts to earnings
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Tokyo: Tokyo stocks closed flat in sluggish trading on Friday after drops on Wall Street, as investors waited for earnings reports by major companies starting next week.

Snapping a five-day winning streak, the benchmark Nikkei 225 index slipped 0.13 percent or 28.94 points to 22,162.24. Over the week, it rose 1.76 percent. The broader Topix index was up 0.05 percent or 0.95 points at 1,751.13, marking a weekly gain of 1.26 percent.

“Some investors cashed in on the recent gains,” said Hikaru Sato, senior technical analyst at Daiwa Securities.

“Overall, the market was in a wait-and-see mood ahead of the earnings season,” Sato told AFP.

On top of corporate results, the market will also focus on a meeting of G20 financial chiefs in Washington this weekend and and a summit between South Korea and North Korea scheduled for Friday next week, Sato said.

Wall Street stocks retreated Thursday on worries about Apple following a weak outlook from supplier Taiwan Semiconductor Manufacturing.

In Tokyo, selling hit companies in the semiconductor and electronics companies.

Microchip-testing device maker Tokyo Electron dropped 2.04 percent to 19,610 yen and TDK lost 1.42 percent to 9,680 yen.

Sony was up 0.26 percent at 5,385 yen.

Takeda sank 4.67 percent to 4,857 yen after it confirmed an unsuccessful $60-billion takeover bid for Irish drugmaker Shire.

The proposal was rejected but “discussions between the parties regarding a potential offer are ongoing,” the Japanese pharma giant said.

AFP