Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Japanese shares drop as new virus strain sparks profit-taking

Published 22/12/2020, 04:23
Updated 22/12/2020, 04:24
© Reuters.

TOKYO, Dec 22 (Reuters) - Japanese shares plumbed two-week
lows on Tuesday as investors took profits from stellar gains
over the past couple of months on concerns that a fast-spreading
new coronavirus strain found in Britain could disrupt a global
economic recovery.
The Nikkei average .N225 fell 0.38% to 26,613.09, touching
its lowest levels since Dec. 8, although it held above a support
from its 25-day moving average at 26,498.
The broader Topix .TOPX lost 0.88% to 1,773.25, with all
the 33 sector sub-indexes on the Tokyo exchange trading lower.
The weakness could be attributed to worries over the new
coronavirus strain but profit-taking ahead of year-end holidays
is a bigger factor, said Yasuo Sakuma, chief investment officer
at Libra Investments.
Fujifilm Holdings 4901.T tumbled 4.2% after the Japanese
Health Ministry said its medical review board concluded that
clinical trial data to determine the efficacy of the firm's
COVID-19 drug candidate Avigan was inconclusive. Oriental Land 4661.T dropped 2.6% after the Nikkei
business daily reported that an official filing showed Mitsui
Fudosan 8801.T reduced its stake in the Tokyo Disney Resort
operator.
The market was also weighed down by rising concerns over
domestic virus infections as Tokyo Governor Yuriko Koike on
Monday urged the capital's 14 million residents to stay at home
during the upcoming holiday season.
Railway and airline operators declined, with East Japan
Railway 9020.T down 1.8% and ANA Holdings 9202.T falling
2.2%.
Oil-related shares took a hit as crude prices plunged
following the news on the new virus strain. Inpex 1605.T
dropped 3.1%.
The index of Mothers start-up shares .MTHR dropped 2.0%,
falling decisively below its 100-day moving average, in a
bearish signal.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.