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Japan's Nikkei falls as Kioxia tanks, mitigated by gains in Tokyo Electron

By Reuters News

By Junko Fujita

TOKYO, Nov 2 (Reuters) - Japan's Nikkei share average traded lower on Monday as memory chip maker Kioxia tanked, while gains in Tokyo Electron and other firms with strong outlooks limited the losses.

The Nikkei .N225 fell 0.31% to 63,095.11 by the midday break. The broader Topix .TOPX lost 0.84% to 3,931.61.

"There were negative factors such as Wall Street's fall last week and Kioxia's earnings," said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.

"But some companies such as Tokyo Electron and Panasonic reported stronger-than-expected earnings, and that supported the Nikkei."

Kioxia 285A.T shares slipped 13.29% to become the biggest drag on the Nikkei after the company's outlook for the quarter through December disappointed investors.

Tokyo Electron 8035.T rose 5.11% after the chip-making equipment maker forecast its annual group net profit would rise 50%, beating analysts' expectations.

Panasonic Holdings 6752.T advanced 5.16% after the home appliances and industrial products maker raised its full-year operating profit forecast by 20% to 710 billion yen ($4.51 billion), helped by a range of factors including stronger-than-expected AI-related demand.

US stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5 following disappointing quarterly results from Intel INTC.O and Amazon AMZN.O, which amplified growing worries surrounding companies' massive AI-related spending..N

Shares in major banks traded weaker, with Mitsubishi UFJ Financial Group 8306.T, Sumitomo Mitsui Financial Group 8316.T and Mizuho Financial Group 8411.T falling more than 2% each.

Of more than 1,500 stocks trading on the Tokyo Stock Exchange's prime market, 28% rose, 68% fell and 3% traded flat.



($1 = 157.5300 yen)

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