November 2, 2018 / 6:52 AM / 9 months ago

Foreigners sold Japanese stocks for 3rd straight week ending Oct 26

Nov 2 (Reuters) - Foreigners were net sellers of Japanese stocks for the third consecutive week that ended on Oct. 26, as subdued earnings performance in the second quarter and a broad selloff in global technology stocks undermined the sentiment.

Last week, overseas investors sold a net 1.31 trillion yen ($11.60 billion) worth of Japanese stocks, including cash equities and futures, data from Japanese stock exchanges showed.

Refinitiv data showed that 62 percent of Japanese companies have missed the consensus profit estimates for the second quarter, underscoring a lacklustre earnings performance and worries about the impact from the U.S.-China trade war.

Last week, Canon Inc lowered its full-year earnings outlook for the second time this year, citing lower sales of single-lens reflex (SLR) cameras and lean demand for semiconductor-producing equipment.

The Topix index fell 5.7 percent last week, while the Nikkei index shed nearly 6 percent, both marking their biggest weekly decline since early February.

However, the two indexes have recovered following a bounce back in global stocks this week.

Japanese investors bought 2.7 billion yen worth of overseas equities last week, data from the Ministry of Finance showed. It was their ninth consecutive weekly purchase.

($1 = 112.9200 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Gopakumar Warrier

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