News24
28 Oct 2020, 15:12 GMT+10
Tokyo stocks ended lower on Wednesday following losses on Wall Street, with growing concern over the spread of the coronavirus, particularly in Europe and the United States.
The benchmark Nikkei 225 index fell 0.29%, or 67.29 points, to 23 418.51 while the broader Topix index gave up 0.31%, or 4.98 points, to 1 612.55.
It was the third straight day of moderate losses for the Nikkei, although investor appetite for bargains was seen staying solid, preventing the Tokyo market from falling further.
"Investors began to suspect that the global economic recovery may take a bit longer than once believed, as the coronavirus spreads again in Europe and the United States," Okasan Online Securities said in a note to clients.
"The mood weighed on the market, which traded in negative territory from the start."
The concerns for the global outlook weighed on European and US shares overnight, SMBC Nikko Securities said, adding that "the appreciation of the yen also encouraged selling".
The dollar stood at ¥104.18, compared with ¥104.41 in New York and ¥104.69 seen in Tokyo Tuesday.
Investor worries fuelled the selling of shares linked closely to macroeconomic conditions such as steel and chemical issues, Okasan said.
Nippon Steel fell 3.27% to 1 035.5. Rival steelmaker JFE Holdings lost 4.71% to 748.
But Sony added 1.83% to ¥8 248. After the closing bell, the electronics and media conglomerate announced that its six-month net profit more than doubled. It also upgraded its annual forecast as sales rose in key segments such as gaming, music and finance.
Shares related to electric vehicles also enjoyed gains on a report that China was preparing to toughen its regulations to allow only environmentally friendly vehicles on its roads by 2035.
Motor and precision equipment maker Nidec, which also produces many vehicle parts, soared 6.12% to ¥11 095.
Game giant Nintendo added 0.77% to ¥57 470. Toyota fell 0.95% to ¥6 895.
Panasonic fell 1.29% to ¥899.4.
Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
Tel Aviv [Israel], July 9 (ANI/TPS): Israel's Ministry of Construction and Housing is promoting a new government plan to regulate the...
(Photo credit: Kelley L Cox-Imagn Images) Tundra Esports, Aurora Gaming, PARIVISION and Team Liquid each pulled out 2-0 victories...
BRICS moves to expand Global South cooperation for inclusive, sustainable global governance Leaders of BRICS countries, gathering...
MANAMA, 9th July, 2025 (WAM) - The Kingdom of Bahrain today expressed its welcome and appreciation for the efforts of the United Arab...