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Nikkei tumbles, hit by weakness in tech shares; Toshiba dives
Japan's Nikkei share average fell sharply on Friday morning hit by drops in tech shares after their US counterparts languished overnight, while Toshiba Corp stumbled on dilution fears after media reported it will issue new shares to raise funds.
By
migrator
migrator
Tokyo
The Nikkei dropped 1.4 percent to 22,552.06 by the midday break. For the week, the benchmark index has risen 0.1 percent.
If the index advances for a ninth straight week, that will match the longest such winning streak since Abenomics started in late 2012.
The November Nikkei options likely settled at 22,531.30, according to market sources. The official settlement price will be released after the market close.
The closely watched options settlement price, known in Japan as the special quotation, or "SQ," is calculated from the opening prices of the 225 shares in the Nikkei average on the second Friday of every month.
Toshiba Corp, desperate for cash to avoid a possible delisting, dived 5.1 percent 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 percent after the company cut its operating profit forecast for the full year ending December to 430 billion yen ($3.79 billion), a 4.3 percent drop on the year.
Chip-related stocks lost ground, with Tokyo Electron Ltd shedding 2.1 percent and Advantest Corp declining 2.7 percent.
The broader Topix shed 1.1 percent to 1,794.14.
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