Nikkei rises tracking Wall St rally; coronavirus worries cap gains

TOKYO, June 24 (Reuters) - Japanese shares edged higher on
Wednesday tracking gains on Wall Street overnight after upbeat
economic data, although worries about a surge in coronavirus
infections capped gains.
The benchmark Nikkei average .N225 rose 0.12% to 22,576.63
by the midday break, with 76 advancers against 142 decliners.
Wall Street's three main indexes closed higher on Tuesday as
improving economic data and the prospect of more stimulus
bolstered hopes of a swift recovery. .N
The pace of contraction in the U.S. manufacturing and
services sectors eased in June with reopening of businesses.
While new home sales jumped 16.6% in May, blowing past estimates
of a 2.9% rise. But weighing on sentiment was news that coronavirus cases in
the United States surged 25% in the week ended June 21 compared
to the week before and a Reuters tally showing the death toll in
Latin America surpassed 100,000. Electric equipment makers were strong, with GS Yuasa
Corporation 6674.T up 2.87%, the second biggest percentage
gainer on the main index.
Power-supply equipment maker Fuji Electric Co Ltd 6504.T
and Olympus Corporation 7733.T rose 2.73% and 2.51%,
respectively.
Precision machinery .IPRCS.T was the top performer among
the Tokyo's 33 subindexes, up 0.72%, helped by medical equipment
provider Japan Medical Dynamic Marketing Inc's 7600.T 3.05%
gain.
The broader Topix .TOPX fell 0.29% to 1,582.50 by the
recess.
Start-up market Mothers Index .MTHR advanced 0.96%, as
three new initial public offerings launched for the first time
in two-and-a-half months.
Elsewhere, SoftBank Group Corp 9984.T dropped 1.51%. A
source told Reuters that the IT conglomerate is set to sell its
stake in T-Mobile US Inc TMUS.O at $103 per share to raise
$13.76 billion. Investors were waiting for the International Monetary Fund's
updated report on World Economic Outlook, which is expected to
be announced later in the day.