Nikkei down 0.35 pct. on disappointing profits, outlooks, Ukraine weighs

Japan's Nikkei stock index dropped 0. 35 percent on Monday as renewed jitters about the Ukraine situation and disappointing local earnings and guidances from corporations weighed on the market mood. Local brokers said that with Japan Inc.'s earnings being the only main focus of late, until Prime Minister Shinzo Abe announces his economic policy in June, the market is lacking in fresh cues and ongoing geopolitical concerns continue to make investors nervous. "There is no strong catalyst for buying stocks today," said Hiroaki Hiwada, a strategist at Toyo Securities Co., adding investors were wary about rising geopolitical risks associated with the crisis in Ukraine. Yutaka Miura, a senior technical analyst at Mizuho Securities Co. concurred saying, "This week individual stocks will be affected by earnings, as there are few catalysts domestically, the market will be easily swayed by external factors." The Nikkei Stock Average dropped 50.07 points from Friday to close at 14,149.52, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 7.60 points, or 0. 65 percent, to finish the day at 1,157.91. Suzuki Motor advanced 2.1percent, as the firm's operating profit of 187.7 billion yen came in line with median forecasts, but other automakers closed lower Monday, with Toyota skidding down 0.9 percent to 5,514 yen, while Honda reversed 0.8 percent close at 3,311 yen. But endoscope maker Olympus closed in positive territory, jumping 4.8 percent to 3,185 yen after announcing its group net profit for fiscal 2014 could more than triple that of the previous year. Smartphone game maker DeNA was a notable decliner on the market, with the stock tumbling 20 percent to 1,302 yen, marking the biggest drop in two-and-a-half years and the lowest close since 2009. The 30 percent fall in group net profit for the business year through March was more than median analysts' had been expecting. NTT Urban Development also lost ground on the first trading day of the week, sinking 8.8 percent to 836 yen, following the real- estate firm forecasting its net income for the year ending March 2015 would drop below analysts' expectations by 30 percent to 8 billion yen. Camera maker Konica Minolta tumbled 11 percent to 842 yen, following the firm announcing it predicts a 19 percent gain in full-year profit to 26 billion yen, far below analysts' expectations for 37 billion yen. NSK found traction however, jumping 9.7 percent to 1,145 yen, following the firm forecasting a 60 percent increase in full-year net income to 50 billion yen -- some 3 billion more than median analysts' expectations. Trading volume on Monday rose to 1.82 billion shares on the Tokyo Exchange's First Section, down from Friday's volume of 1.94 billion shares, with declining issues outnumbering advancing ones by 1,327 to 382.