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Sony shares drop on earnings delay

BBC News BBC News 25/04/2016

Customers check Japanese electronics giant Sony's headphones at an electronics shop in Tokyo on 30 April 2015© AFP Customers check Japanese electronics giant Sony's headphones at an electronics shop in Tokyo on 30 April 2015 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.

Mitsubishi logo© Getty Images Mitsubishi logo 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.

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.

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