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Japan's Nikkei Dips As Soft Data, Post-Election Lull Cap Moves

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Tokyo, February 16 (QNA) - Japanese shares drifted lower on Monday as weaker-than-expected economic data and a post-election lull capped moves.

The Nikkei 225 Index fell 0.2% to close at 56,806.41, while the broader Topix slid 0.8% to 3,787.38. Preliminary October-December gross domestic product (GDP) figures showed that ‌the Japanese ⁠economy missed ⁠economists' median forecast due to softer capital spending, although it reversed the previous quarter's contraction.

Rubber makers and banks were the biggest ​decliners among the Topix 33 industry groups. Bridgestone ​dropped 6.5% after the tyre maker's full-year net profit forecast missed analysts' estimates.

The largest loser by percentage on the Nikkei was medical equipment maker Olympus, tumbling nearly 13% after disappointing earnings. Resona Holdings, a major domestic lender, slumped 8%.

Bucking the ‌overall sombre mood, shares of Sumitomo Pharma reached their daily limit, surging 20.2% to lead the Nikkei's gainers by percentage. (QNA)

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