Japanese shares fell sharply on Thursday morning after Wall Street weakened on worries about possible US military action against Syria, while the retail sector stocks were driven by earnings news.
The Nikkei dropped 0.2 per cent to 21,655.22 in early morning trade. Retail shares’ moves were divided based on their earnings results, reports Reuters.
Convenience store operator Lawson Inc tumbled 5.0 per cent after the company expected an 8.8 per cent drop in its operating profit to 60 billion yen for this fiscal year ending February 2019 as it continues to invest in new businesses.
On the other hand, supermarket operator Aeon soared more than 4.0 per cent after it posted a record annual operating profit and forecast a further gain this year.
Ryohin Keikaku jumped more than 5.0 per cent after it said it expected a 10.6 per cent rise in its net profit for the year ending February 2019 thanks to strong domestic and overseas businesses.
While mining shares staged a rally helped by rising oil prices, airlines shares tumbled on worries about higher fuel charges.
Oil prices hit their highest in more than three years overnight after Saudi Arabia said it intercepted missiles over Riyadh and US President Donald Trump warned Russia of imminent military action in Syria.
Inpex Corp rose 1.8 per cent and Japan Petroleum Exploration Co soared 2.0 per cent.
Japan Airlines fell 1.0 per cent and ANA Holdings dropped 0.6 per cent.