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Japanese shares drop as new virus strain sparks profit-taking

Published 22/12/2020, 04:23
© Reuters.
JP225
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TOPX
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1605
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8801
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4901
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9020
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9202
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4661
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MTHR
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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.


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