Japan Nikkei extends losses for third straight session

Headline indices of the Japan share market closed softer on Monday, 29 October 2018, following weak cues from Wall Street on Friday and weakness in other Asian bourses amid continuing worries about corporate earnings results and global economic growth. Total 15 issues of the TSE33 issues declined, while remaining 19 issues were in green, with shares in Glass & Ceramics Products, Services, Precision Instruments, Information & Communication, and Insurance issues being notable gainers, while Electric Power & Gas, Air Transportation, Pulp & Paper, and Oil & Coal Products issues were notable gainers. At closing bell, the 225-issue Nikkei index declined 34.80 points, or 0.16%, at 21,149.80. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 6.45 points, or 0.4%, to 1,589.56.

Wall Street shares fell on Friday after technology and internet shares sold off further, capping another volatile week for US stocks. The Asian markets followed on Monday.

 

Kourakuen Holdings Corp shares soared after the restaurant chain operator raised its net profit forecast for the year through March 2019 to 739 million yen from 269 million yen.

Shares of Shin-Etsu Chemical Co gained 8% after the company lifted up its net profit forecast for the year through March 2019 thanks to growth in its US chemical and semiconductor silicon businesses.

Tokyo Tekko Co shares retreated as the steel bar maker cut its net profit forecast for the year through March 2019 amid a rise in scrap iron prices.

CURRENCY NEWS: Japanese yen, widely viewed as a safe haven currency, appreciated against greenback on Monday, after data showed U.S. economic growth slowed less than expected and as global risk sentiment remained fragile. The dollar was quoted at 111.92-93 yen compared with 111.84-94 yen in New York and 112.01-02 yen on Friday in Tokyo.

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