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Sony shares drop on earnings delay | |
(about 1 hour later) | |
Shares of consumer electronics giant Sony closed down 6% in Monday trade. | |
The company announced late last Friday that it would postpone its earnings release date to next month. | |
The delay was due to uncertainty over the supply chain from two earthquakes which recently hit southwest Japan. Sony was initially scheduled to release its earnings this week. | |
In the broader Japanese market the benchmark Nikkei 225 closed 0.8% down at 17,439.30 points. | |
Investors continued to selloff shares of Mitsubishi Motors, which closed down 4.8%. | |
Last week shares plunged by more than 40% over three days, after the car maker admitted to rigging fuel efficiency tests. | |
The Japanese company is expected to announce annual results on Wednesday, but media reports have suggested it may skip its earnings forecast - which was originally scheduled for the same day. | |
Traders in Japan were also cautious ahead of an important Bank of Japan meeting where the lender might decide on more monetary easing. | |
The country's central bank will on Thursday decide on its interest rate which currently is negative as an attempt to spur growth. | The country's central bank will on Thursday decide on its interest rate which currently is negative as an attempt to spur growth. |
In Korea, the Kospi index finished the day flat at 2,014.55 points. | In Korea, the Kospi index finished the day flat at 2,014.55 points. |
Hong Kong's Hang Seng closed lower by 0.8% to 21,304.44, while the mainland's Shanghai Composite also closed lower by 0.42% to 2,946.67. | |
Markets in Australia and New Zealand were closed on Monday for the Anzac Day holiday. | |
Earnings calendar | |
There is a long list of companies reporting quarterly earnings this week. | |
In the US they include tech giants Apple and Facebook, online retailer Amazon, and Dunkin Donuts. | |
From the auto sector, Ford Motor is due to report its quarterly results. | |
Over in Asia, South Korea's Hyundai as well as Japan's Honda Motor and Mazda Motor update investors on their earnings. |