Sony and Nintendo Fall At A Slightly Higher Japanese Stock Market

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Sony and Nintendo were among the biggest fallers on the Tokyo stock exchange on Friday. Tech company Sony has been sued by a group of US consumers for allegedly keeping prices for its PlayStation games artificially high.

 

Nintendo came up with solid quarterly figures, but the outlook for the game consoles and games manufacturer was disappointing. Other technology companies did show substantial price gains and helped the Japanese stock market to a narrow profit.

Sony lost 2 percent. For two years now, the company has not allowed companies like Amazon, Best Buy and Walmart to sell the codes for its downloadable games. According to the complainants, Sony can charge its prices too high, according to the complainants.

Nintendo fell 1.8 percent. Due to the many sitting at home due to the corona pandemic, Nintendo’s demand for games and consoles remained strong. The company did warn about the chip shortages that can disrupt the production of game consoles. Nintendo also expects sales of its Switch game console to decline this year.

The Nikkei in Tokyo eventually entered the weekend with a plus of 0.1 percent at 29,357.82 points. The chip companies Tokyo Electron and Advantest were in the leading group with profits of up to 2 percent. Investors also processed the news that the Tokyo state of emergency is likely to be extended until the end of May due to the continued spread of the coronavirus.

The main index in Shanghai was down 0.3 percent, and the Hang Seng index in Hong Kong fell marginally, despite Chinese solid trade figures. According to Beijing, the country’s exports rose 32.3 percent in April from the same month a year earlier.

Exports turned out to be much higher than economists had expected. Imports also grew more than expected. Trade figures point to the continued strong recovery of the world’s second-largest economy.

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