Japanese shares end lower on Wall St rout; Nikkei up nearly 1.4% for the week

TOKYO, Sept 4 (Reuters) – Japanese shares closed lower on Friday, after a sell-off in high-flying U.S. technology stocks pushed Wall Street to its steepest fall in nearly three months, although for the week, Tokyo markets ended in the green.

The benchmark Nikkei share average closed down 1.11% at 23,205.43, away from a more than six-month closing high it hit on Thursday. Declining issues outnumbered advancers by 161 to 54. The Topix shed 0.90% to 1,616.60.

For the week, the Nikkei index gained nearly 1.4%, snapping two consecutive weekly losses, and the Topix climbed 0.7%.

Precision instruments, information and telecoms , and pharmaceuticals sectors were the three underperformers on the main bourse.

Overnight, Wall Street’s main indexes posted their biggest single-day percentage declines since June, dragged by heavy losses across the technology sector.

The Nasdaq Composite lost almost 5% a day after it posted a record close, with heavyweights including Apple Inc , Microsoft Corp and Amazon Inc weighing the most.

Semiconductor manufacturer Alps Alpine Co was among the top percentage losers on the Nikkei index, with a drop of around 4%.

An overnight drop in the Philadelphia chip index, down almost 6%, was another headwind for the Tokyo-lsited technology sector.

Tokyo Electron slid 2.73% and SoftBank Group Corp lost 3.21%; Sony Corp fell 1.64%.

Meanwhile, analysts said investors were also cautious ahead of the U.S. jobs data expected later in the day.

Among other shares, Honda Motor Co climbed 2.23% after it revealed plans with General Motors to team up in North America to jointly develop a range of vehicles.

Toyota Motor also rose 0.79%, as its sales in China surged last month.

Elsewhere, the index of Mothers start-up market slipped 2.61% to 1,139.90. (Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu and Uttaresh.V)

Source: Read Full Article