Japan Stocks mixed on profit booking ahead of holidays

Japan share market finished session marginally lower after fluctuating between positive and negative territory on Tuesday, 28 April 2020, as investors booked profits after a sharp gain in the previous session and ahead of Golden Week spring holidays. However, market losses were marginal due to a raft of better-than-expected corporate earnings and strong forecasts. At closing bell, the 225-issue Nikkei Stock Average shed 12.03 points, or 0.06%, to 19,771.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange edged up 1.90 points, or 0.13%, at 1,449.15.

Total 17 issues of 33 industry category of Topix index were in positive territory, with Rubber Products, Air Transportation, Services, Electric Appliances, Precision Instruments, Securities & Commodities Futures, and Information & Communication issues being notable gainers, while Iron & Steel, Mining, Chemicals, Nonferrous Metals, and Land Transportation issues were notable losers.

Ibiden Co shares soared 15.1% after the electronic components maker forecast a 37.2% increase in operating profit for the current business year through March 2021.

Renesas Electronics Corp shares jumped 7.7% after reported better than expected net profit of 11.3 billion yen ($105 million) for the January-March quarter.

Miraca Holdings Inc shares jumped 9% after the diagnostics and laboratory testing service provider's subsidiary Fujirebio applied for government approval for Japan's first antigen coronavirus testing kits.

Shionogi & Co shares climbed 3.3% after the drug maker announced a plan to develop a vaccine for the coronavirus, with an aim to begin clinical trials later this year.

Panasonic jumped 3% despite its announcement it had revised down sales forecasts for the fiscal year through March because of the virus pandemic.

CURRENCY: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 100.181 after dipping below the 100 mark earlier. The Japanese yen traded at 107.16 per dollar after strengthening from levels above 107.4 yesterday.

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