Japan's SoftBank shares down over 2 percent after Alibaba listing

Sun Sep 21, 2014 8:24pm EDT
 
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TOKYO (Reuters) - Shares of SoftBank Corp (9984.T: Quote) were down more than 2 percent in early trade on Monday following the listing on Friday of Alibaba Group Holding Ltd BABA.N, in which the Japanese telecommunications company holds a 32 percent stake.

Over the past six weeks, SoftBank had surged 30 percent in anticipation of the Chinese e-commerce company's listing, compared with a 9 percent rise in Tokyo's benchmark Nikkei average .N225.

As of 0013 GMT (0813 EDT) on Monday, the stock was down 2.7 percent at 8,506 yen.

SoftBank said over the weekend that it expected a gain of about 500 billion yen ($4.6 billion) from Alibaba's share listing in New York, where Alibaba surged 38 percent on its first day of trade.

(Reporting by Chris Gallagher; Editing by Edmund Klamann)

 
A man holding an umbrella walks past the logo of Softbank Corp at its branch in Tokyo April 22, 2014. REUTERS/Yuya Shino/Files