Japanese share edges lower, financials offset gains

| Updated: October 31, 2017 11:19:20

File Photo (Collected) File Photo (Collected)

Japan’s Nikkei share average edged down in choppy trade on Monday as falls in financials countered gains in Apple suppliers after shares in the iPhone maker soared on Friday.

In mid-morning trade, the Nikkei dropped 0.1 per cent to 21,979.66, after hitting a fresh 21-year high of 22,086.88 earlier, reports Reuters.

Financial stocks lost ground after US yields fell. Insurers and banking shares underperformed, with T&D Holdings and Mitsubishi UFJ Financial Group both shedding 1.5 per cent.

Japanese Apple suppliers outperformed, with TDK Corp and Foster Electric both rising 0.6 per cent, and Taiyo Yuden surging 1.2 per cent.

Apple rose 3.58 per cent after the company quashed concerns of muted demand for its iPhone X on Friday, saying pre-orders for the 10th anniversary phone were “off the charts”.

Sharp Corp surged as much as 4.6 per cent to a three-week high after it reported its fourth consecutive quarter of net profit on Friday.

The dollar dropped 0.1 per cent to 113.60 yen in Asian morning trade, after notching a three-month high of 114.45 yen on Friday.

The broader Topix dropped 0.2 per cent to 1,767.18.

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