Nikkei sinks 4 pct, Sony dives on profit warning

Fri Oct 24, 2008 1:42am BST
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(Updates to midmorning)

TOKYO, Oct 24 (Reuters) - The Nikkei average slid 4 percent on Friday, dragged down by Sony Corp (6758.T: Quote, Profile, Research) after it halved its full-year profit forecast, while spooked investors dumped shares in other exporters on fears about their earnings prospects.

Shares of Sony plunged more than 11 percent in early trade after the company slashed its annual operating profit forecast by 57 percent to far below market estimates in its second downward revision this year, blaming a firmer yen and slower flat TV and digital camera demand. [ID:nT6579]

As of 0037 GMT, the Nikkei .N225 shed 362.70 points to 8,098.28, after falling 2.5 percent the previous day.

The broader Topix .TOPX lost 3.4 percent to 842.26. (Reporting by Aiko Hayashi)

 
 

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