May 1, 2018 / 2:14 AM / 3 months ago

Nikkei flat in subdued holiday trade; Sony stumbles on profit warning

TOKYO, May 1 (Reuters) - Japanese stocks were choppy in holiday-thinned trade on Tuesday, while Sony tumbled after the company issued a profit warning.

The Nikkei was flat at 22,472.80 in midmorning trade, after moving into and out of the black earlier.

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.

Sony Corp tumbled 6 percent 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 Nikkei index.

On the other hand, Hitachi Ltd jumped 5 percent after the company forecast a record-high operating profit for this fiscal year, up 4.9 percent on the year to 750 billion yen.

Separately, the Nikkei reported over the weekend that Hitachi will ask the UK government to take a direct stake in the company that is set to build and operate a nuclear power plant in Wales. Currently, it is 100 percent owned by the Japanese industrial company.

Banks underperformed, with Mitsubishi UFJ Financial Group falling 2.7 percent and Sumitomo Mitsui Financial Group shedding 1.4 percent.

The broader Topix dropped 0.3 percent to 1,772.10.

Reporting by Ayai Tomisawa Editing by Shri Navaratnam

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below