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Japan shares rebound in volatile session on short-covering

Published Mar 10, 2020 08:58
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© Reuters. Japan shares rebound in volatile session on short-covering
 
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SYDNEY, March 10 (Reuters) - Japanese stocks settled higher

on Tuesday after a volatile session that saw shares fall on

worries over the economic impact of the coronavirus epidemic and

an oil price crash before short-covering lifted markets.

The Nikkei average .N225 finished 0.9% higher at

19,867.12, having earlier fallen to a three-year low of

18,891.77. It moved as much as 1,078.23 points in intraday

trade, marking its largest daily swing since February 2018.

Traders said short-covering was behind the rally, following

Monday's 5.1% plunge amid a global equity rout.

The broader Topix .TOPX rose 1.3% to 1,406.68, also

bouncing back from earlier steep losses.

All but three of the 33 sector sub-indexes on the Tokyo

Stock Exchange ended higher, with securities .ISECU.T , real

estate .IRLTY.T and warehouse and wharf .IWHSE.T being the

top three performing sectors.

On the currency front, the safe-haven yen JPY= tumbled

more than 2% versus the dollar, after U.S. President Donald

Trump pledged to take "major" steps to protect the economy and

floated the idea of a payroll tax cut with congressional

Republicans. This provided a tailwind for Tokyo-listed bluechip exporters

broadly as a weaker local currency boosts corporate profits when

they are repatriated.

Sony Corp 6758.T climbed 3.3%, Mazda Motor Corp 7261.T

rose 3.7% and Tokyo Electron Ltd 8035.T advanced 3.9%.

Capping the gains in Japanese shares were concerns about the

impact of the virus outbreak on global economic growth and lower

oil prices.

The virus has spread to more than 100 nations and infected

over 114,000 people globally, with Italy ordering everyone

across the country not to move around other than for work and

emergencies, while banning all public gatherings. Also weighing on investor sentiment were downside risks to

oil prices. Oil futures stabilised in Asia on Tuesday, after

falling to their lowest since 1991 on Monday. O/R

Japan's largest oil and gas exploration and production firm,

Inpex Corp 1605.T , tumbled 4.3%.

Ricoh Co Ltd 7752.T jumped 7.0% after the company

announced a plan to sell a partial stake in Ricoh Leasing Co Ltd

8566.T to Mizuho Leasing Co Ltd 8425.T in late-April, while

Ricoh Leasing lost 4.6% and Mizuho Leasing added 1.0%.

Japan shares rebound in volatile session on short-covering
 

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