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Nikkei falls as coronavirus resurgence in Europe hits sentiment

Published 16/10/2020, 07:35
© Reuters.
JP225
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TOPX
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4901
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9983
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IPHAM.T
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IRAIL.T
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IRLTY.T
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MTHR
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TOKYO, Oct 16 (Reuters) - Japan's Nikkei share average fell
on Friday as new coronavirus curbs in Europe dimmed hopes of a
swift global economic recovery, although losses were limited
after Fast Retailing 9983.T forecast upbeat annual earnings.
The benchmark Nikkei share average .N225 dropped 0.41% to
23,410.63. The broader Topix .TOPX lost 0.86% to 1,617.69. For
the week, the Nikkei was down 0.89% and the Topix lost 1.8%,
with the latter being the largest drop in more than two months.
All but two of the 33 sector sub-indexes on the Tokyo
exchange traded lower, with real estate .IRLTY.T ,
pharmaceuticals .IPHAM.T and land transport .IRAIL.T leading
the decline on the main bourse.
Sentiment was weighed down after coronavirus restrictions
were reimposed in Europe, with London entering a tighter
lockdown and France imposing night curfews in major cities to
curb a jump in COVID-19 cases. Some investors also remained on the sidelines due to
uncertainty over the U.S. stimulus talks, and ahead of the U.S.
presidential election and earnings reports from domestic firms.
Turnover was subdued with only 1.859 trillion yen ($17.66
billion) of stocks changing hands on the main board, about 20%
below the average over the past year.
On the main board, decliners outnumbered gainers by a ratio
of roughly 7 to 2.
The Nikkei, however, was helped by gains in index
heavyweight Fast Retailing, which jumped more than 4.4% after
the operator of casual clothing chain posted
better-than-expected earmings. Fujifilm Holdings 4901.T also jumped 2.5% after the
company said it had applied for approval in Japan of its
anti-influenza drug Avigan as a treatment for COVID-19.
The Mothers Index .MTHR of start-up firms lost 1.66%,
after hitting a 14-year high earlier in the week.

($1 = 105.2600 yen)

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