Japan's Nikkei slides from 2-month highs; SoftBank drags – Yahoo Finance


TOKYO, Nov 14 (Reuters) – Japan's Nikkei index closed lower on Monday from a two-month high scaled in the previous session, as investors booked profits and market heavyweight SoftBank Group tumbled after its Vision Fund investment arm reported another big quarterly loss.
The Nikkei share average ended 1.06% lower at 27,963.47, while the broader Topix fell 1.05% to 1,956.90.
The benchmark index closed 3% higher on Friday, while the S&P 500 and Nasdaq also extended their rallies on hopes of a less aggressive rate-hike stance by the Federal Reserve due to a soft inflation reading.
SoftBank Group tanked 12.73% in its biggest daily decline in more than two and a half years after the technology start-up investor posted a heavy loss at its Vision Fund investment arm for a third consecutive quarter.
"The outlook for IT companies is dim amid a slowing global economy. Expectations for SoftBank Group's growth have been shrinking as there is a concern that the value of its portfolio companies may not grow in this environment," said Shigetoshi Kamada, general manager at the research department of Tachibana Securities.
SoftBank Group was the biggest drag on the Nikkei, followed by Olympus, which dropped 10.81% after the medical equipment maker cut its annual operating profit forecast.
Dowa Holdings lost 14.21% to its daily limit low become the biggest loser on the Nikkei after the non-ferrous metal maker flagged a decline in profit.
Bucking the trend, Toto gained 6.03% to become the top gainer on the Nikkei, while cosmetics maker Shiseido jumped 5.23%. (Reporting by Junko Fujita; Editing by Subhranshu Sahu and Uttaresh.V)
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