Japanese shares tumble, hit by weakness in tech shares


FE Team | Published: November 10, 2017 15:23:11 | Updated: November 13, 2017 10:49:27


File Photo (Reuters)

Japan’s Nikkei share average fell sharply on Friday morning hit by drops in tech shares, while Toshiba Corp stumbled on dilution fears after media reported it will issue new shares to raise funds.

The Nikkei dropped 1.4 per cent to 22,552.06 by the midday break. For the week, the benchmark index has risen 0.1 per cent, reports Reuters.

Toshiba Corp, desperate for cash to avoid a possible delisting, dived 5.1 per cent after media reports that it is considering raising about 600 billion yen ($5.3 billion) by offering new shares in a third-party allotment.

Tire maker Bridgestone Corp tumbled 8.4 per cent after the company cut its operating profit forecast for the full year ending December to 430 billion yen ($3.79 billion), a 4.3 per cent drop on the year.

Chip-related stocks lost ground, with Tokyo Electron Ltd shedding 2.1 per cent and Advantest Corp declining 2.7 per cent.

The broader Topix shed 1.1 per cent to 1,794.14.

 

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