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Nikkei drops to 3-1/2-week low as weakness in Apple suppliers weighs

Nikkei drops to 3-1/2-week low as weakness in Apple suppliers weighsTOKYO: Japan’s Nikkei share average dropped to a 3-1/2-week low on Tuesday, led by weakness in Apple suppliers, while mining shares underperformed on lower oil prices.

The Nikkei fell 0.7 percent to 23,455.98 points by midmorning, sliding below its 25-day moving average of 23,506.36.

Earlier, the index dropped to as low as 23,427.29, the lowest level since Jan. 4.

Apple Inc suppliers lost ground after the iPhone maker’s shares fell 2.1 percent on news that the company will halve production of its $999 iPhone X smartphone.

Murata Manufacturing shed 2.0 percent, Taiyo Yuden declined 2.2 percent and Alps Electric falling 1.3 percent.

Inpex Corp dropped 1.7 percent and Japan Petroleum Exploration Co tumbled 4.6 percent after US oil slipped on Tuesday, extending losses into a second session, as a strengthening dollar sapped demand for crude, while rising US output helped dampen prices.

The broader Topix fell 0.5 percent to 1,870.23.

Copyright Reuters, 2018

Source: Brecorder.com

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