November 1, 2013 / 6:16 AM / 4 years ago

Nikkei hits 1-week closing low, hurt by Sony, Nitto Denko

TOKYO, Nov 1 (Reuters) - Japan's Nikkei fell to a one-week
closing low on Friday, dragged down by Sony Corp, Apple
Inc supplier Nitto Denko Corp and NTT Data Corp
 after they sharply lowered their earnings guidance.
    Gains in Panasonic Corp and mobile operator
SoftBank Corp offered some respite, however.
    The Nikkei fell 0.9 percent to 14,201.57 points,
reversing earlier gains and adding to Thursday's 1.2 percent
slide. Still, the benchmark was up 0.8 percent this week and is
up 37 percent year-to-date. 
    Panasonic climbed 6.2 percent to a 2-1/2 year high after it
lifted its earnings forecast while index heavyweight SoftBank
rose 3.4 percent on the back of a record six-month profit.
    SoftBank was the most traded stock on the main board by
turnover, followed by Sony, which plunged 11.1 percent, marking
its worst one-day decline since October 2008 and knocking about
$2.2 billion off its market valuation.
    The maker of famed Walkman music players to the game console
PlayStation slashed its annual operating profit forecast by 26
percent as its struggling TV operations fell back into red.
    Both Nitto Denko and NTT Data also cut their estimates.
Nitto Denko lost 2.1 percent and NTT Data dropped 4.8 percent.
    Among other top-weighted losers were Ricoh Corp and
TDK Corp, off 6.7 and 3.9 percent respectively, after
their quarterly results.         
    The broader Topix index lost 0.9 percent to
1,183.03, with 2.73 billion shares changing hands, slightly
lower than Thursday's 2.81 billion.

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