TOKYO, Oct 25 (Reuters) - Japanese stocks dropped on Monday on disappointing earnings, with semiconductor-related shares among the hardest hit following a decline in U.S. tech peers on poor earnings and concerns about the Federal Reserve’s tapering.
The Nikkei share average fell 0.87% to 28,560.44 while the broader Topix shed 0.26% to 1,996.87.
Semi-conductor stocks lost 1.9%, with Tokyo Electron down 2.1% and Screen Holdings falling 2.9% after U.S. Nasdaq shares fell on Friday on disappointing quarterly reports from Snap and Intel Corp.
Richly-valued tech shares came under pressure also after Fed Reserve Chair Jerome Powell discussed stimulus tapering.
Some of Japanese corporate earnings published on Friday were also downbeat.
Ube Industries dropped 2.5% after the chemical firm trimmed its annual net profit outlook even as it boosted its top-line forecast.
Stanley Electric lost 1% after the maker of automobile lighting equipment maker revised down its earning outlook on the half year that ended in September, citing global plunge in car production and rising costs.
On the other hand, Tokyo Steel jumped 12.6% after the steelmaker bumped up its annual profit outlook and boosted dividend estimates.
Chugai Pharmaceutical rose 6.7% after the drugmaker posted upbeat earnings due to its cocktail treatment for COVID-19.. (Reporting by Hideyuki Sano; Editing by Sherry Jacob-Phillips)
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October 25, 2021 at 07:46AM
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Nikkei drops on soft earnings, U.S. tech worries - Reuters
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