Tuesday, July 23, 2024

Shares of Japan fall 5% in a week due to supply concerns


Japanese stocks fell to a one-month low on Friday on concerns that several disruptions in the global supply chain could keep inflation high.
The postponement of the vote on a key spending bill for the administration of US President Joe Biden has left investors depressed and Democratic leaders seeking to garner enough support.
The Nikkei index lost 2.31% to 28,771.07 points, while the broader Topix index fell 2.16% to 1986.31 points, both of the biggest declines in three months, bringing both indices to their lowest level since early September.
During the week, the Nikkei fell 4.89%, the biggest loss since the market crash after the Corona virus outbreak in early 2020.
Prices are rising globally due to shortages of goods, shortages of ships, rising gas prices in Europe and power shortages in China.
Shares of Nidori lost 6 percent after the company’s operating company’s earnings fell short of market expectations in its quarterly results.
Shares of Sumitomo Chemical fell 5.3% after the company reported a lower-than-expected earnings rating for the quarter ending September.
Silicon chip maker Somco lost 4.4% after the company unveiled plans to sell 128 billion yen of new shares to fund an increase in chip production.
Shares included in the Nikkei index fell sharply on Thursday, in response to gains before the addition.
Nintendo fell 8.7%, the biggest decline since early 2019, Murada production fell 5.7% and Keynes, Japan’s second-largest company, fell 3% due to market capitalization.
Toshiba reversed the trend by 3.1% after US hedge fund Elliott Management said it had a “significant” stake in the Japanese Confederation of Industry.
Raguden rose 3.2% after e-commerce said it was preparing to list its online banking division.
Jerry’s share rose 16.2% to reach the rally’s peak after the gaming company announced a massive share purchase.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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