Japan Stock Market: Sony and Mistubishi Motors Shares Drop in April 25 Trade
Sony closed down 6% in April 25 trade after the company announced at the end of the last week that it would postpone its earnings release date to next month.
The delay was due to uncertainty over the supply chain from two earthquakes which recently hit southwest Japan. Sony was initially scheduled to release its earnings this week.
In the broader Japanese market the benchmark Nikkei 225 closed 0.8% down at 17,439.30 points.
Investors continued to selloff shares of Mitsubishi Motors, which closed down 4.8% on April 25.
Last week, Mitsubishi Motors shares plunged by more than 40% over three days, after the car maker admitted to rigging fuel efficiency tests.
The Japanese automaker is expected to announce annual results on April 27, but media reports have suggested it may skip its earnings forecast – which was originally scheduled for the same day.
Traders in Japan were also cautious ahead of an important Bank of Japan (BoJ) meeting where the lender might decide on more monetary easing.
Japan’s central bank will on April 28 decide on its interest rate which currently is negative as an attempt to spur growth.
In Korea, the Kospi index finished the day flat at 2,014.55 points.
Hong Kong’s Hang Seng closed lower by 0.8% to 21,304.44, while the mainland’s Shanghai Composite also closed lower by 0.42% to 2,946.67.
Markets in Australia and New Zealand were closed on April 25 for the Anzac Day holiday.
There is a long list of companies reporting quarterly earnings this week.
In the US they include tech giants Apple and Facebook, online retailer Amazon, and Dunkin Donuts.
From the auto sector, Ford Motor is due to report its quarterly results.
Over in Asia, South Korea’s Hyundai as well as Japan’s Honda Motor and Mazda Motor update investors on their earnings.