November 13, 2018 / 2:39 AM / a month ago

Japan's Nikkei follows Wall Street down; technology stocks hit

* Nikkei down 3.21 pct, touches a 2-week low

* Tech shares slip after Apple’s slide hurts U.S. counterparts

By Shinichi Saoshiro

TOKYO, Nov 13 (Reuters) - Japan’s Nikkei share average tracked losses on Wall Street and fell to a two-week low on Tuesday, with technology stocks slipping after U.S. counterparts were hit by Apple Inc’s slide.

The Nikkei was down 3.21 percent at 21,554.45 at the midday break after going as low as 21,484.65, its weakest since Oct. 30.

Weighing on the tech-heavy Nasdaq, Apple shares fell 5.0 percent on Monday after several suppliers to the company, including Lumentum Holdings Inc, cut their forecasts.

In turn, Apple-linked shares in Tokyo retreated. Japan Display Inc sank more than 7 percent, Murata Manufacturing Co lost 4.1 percent, Minebea Mitsumi slid 4.7 percent and TDK Corp lost 8.2 percent.

Other technology shares also fell in the wake of the overnight U.S. retreat, with Tokyo Electron falling 3.1 percent, Screen Holdings shedding 5.3 percent and Advantest Corp losing 4.9 percent. Sony Corp was down 4.6 percent.

“A fair number of factors are weighing on the market currently, such as seeming weakness in some U.S. tech giants and lingering worries about the Chinese economy,” said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management.

Automakers sagged following news that the U.S. Commerce Department submitted draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25 percent on imported cars and parts on national security grounds.

Toyota Motor Corp lost 3 percent, Nissan Motor Co dropped 2 percent and Honda Motor was down 3.2 percent.

Toshiba Corp bucked Monday’s trend and rose 3.3 percent after announcing that it would repurchase up to 192.6 million shares, or 30 percent of its outstanding stock.

All of Tokyo’s 33 subindexes were in the red.

The broader Topix was down 2.8 percent at 1,625.09. (Editing by Richard Borsuk)

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