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Japanese shares end lower on profit booking; spike in COVID-19 cases hits sentiment

CoronavirusApr 06, 2021 09:00
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TOKYO, April 6 (Reuters) - Japanese shares closed lower on
Tuesday as investors booked profits from recent rallies, while
worries about the economic impact from a possible fourth wave of
the COVID-19 in the nation hurt sentiment.
Nikkei share average .N225 fell 1.3% to close at
29,696.63, after hitting the 30,000 mark for the first time in
more than two weeks on Monday. The broader Topix .TOPX lost
1.47% to close at 1,954.34.
"Investors sold stocks after a sharp gain in the past few
days," said Norihiro Fujito, chief investment strategist at
Mitsubishi UFJ Morgan Stanley Securities.
"They are also concerned about the increasing number of
COVID-19 cases in and outside Japan. The Japanese government's
measures may not have any effect on preventing the virus spread,
which means the economy could continue to be damaged."
Index heavyweights Fast Retailing 9983.T , an operator of
Uniqlo brand clothing stores, fell 1.5% while SoftBank Group
9984.T lost 1.12% and Tokyo Electron 8035.T lost 2.27%.
Pandemic-beaten leisure stocks, which rebounded this year,
fell, with ANA Holdings 9202.T losing 2.31% and Japan Airlines
9201.T dropping 2.44%. Tokyo Disney Resort operator Oriental
Land 4661.T fell 1.87%.
Japanese health authorities said on Monday they were
concerned that variants of the coronavirus are driving a nascent
fourth wave in the pandemic with just 109 days remaining until
the Tokyo Olympics. The announcement of Credit Suisse Group CSGN.S of an
estimated loss of 4.4 billion Swiss francs ($4.7 billion) from
its relationship with Archegos Capital Management LP made
investors wary about potential losses at other financial firms,
said Mitsubishi UFJ's Fujito. The Topix sub-index for banks .IBNKS.T was the third worst
performer among the 33 sub-indexes on the Tokyo Stock Exchange.
Mizuho Financial Group 8411.T dropped 2.83%, while
Sumitomo Mitsui Financial Group 8316.T fell 2.25% and
Mitsubishi UFJ Financial Group 8306.T lost 2.06%.
Tracking a 4% decline in oil prices, oil and gas explorers
Inpex 1605.T lost 2.83% and Japan Petroleum Exploration
1662.T slipped 2.1%.

Japanese shares end lower on profit booking; spike in COVID-19 cases hits sentiment
 

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