The Stock Market in Japan Started Slightly Lower on Monday
The stock market in Japan started slightly lower on Monday in the last week of October. Investors have remained cautious in anticipation of the corporate results to be released later this week and the rising number of corona infections in Europe and the United States.
The upcoming US presidential elections and the negotiations for an additional corona support package in Washington also lingered over the market. The other major stock markets in the Asian region also showed losses.
The main index in Tokyo, the Nikkei 225, finally closed 0.1 percent in the negative at 23,494.34 points. ANA Holdings fell 1.1 percent. The Japanese airline will cut about 3,500 jobs due to the malaise in the aviation industry due to the corona crisis.
The job cuts will be announced in a new strategic plan this week, according to Japanese newspaper Yomiuri. Japan’s largest airline employs more than 43,000 people. Murata Manufacturing climbed 2.1 percent. The maker of electronic components and supplier to iPhone maker Apple increased its profit forecast.
In Hong Kong, investors had a day off. The stock market gauge in Shanghai suffered a temporary loss of 1 percent, and the Australian All Ordinaries in Sydney fell 0.2 percent. The Kospi in Seoul dropped 0.4 percent. Samsung won 0.3 percent.
The CEO of the South Korean technology group, Lee Kun-Hee, died on Sunday at the age of 78. Lee has been bedridden since he suffered a heart attack in 2014. His son Jay Y. Lee has since assumed his duties as Vice Chairman.