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Tokyo shares fall on virus resurgence fears

Published 25/06/2020, 04:25
© Reuters.
JP225
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ESZ24
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TOPX
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7733
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6701
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9432
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IAIRL.T
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INFRO.T
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ISHIP.T
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SYDNEY, June 25 (Reuters) - Japanese stocks dropped on
Thursday, tracking losses on Wall Street, as rising U.S.
coronavirus cases shook investor confidence in a quick recovery
of the pandemic-hit economy.
The benchmark Nikkei average .N225 fell 1.3% to 22,234.80
by the midday break, its lowest level since June 18, with the
blue-chip exporters leading the decline.
Overnight, Wall Street's three major indexes suffered their
biggest daily percentage drop in almost two weeks as a surge in
coronavirus cases intensified fears of another round of
government lockdowns and worsening economic damage. .N
E-mini futures for the S&P 500 index ESc1 were last quoted
down 0.6% in Asian trade.
The broader Topix .TOPX shed 1.2% to 1,561.63 by the
midday recess, its lowest level since June 16, with all but one
of the 33 sector sub-indexes on the Tokyo exchange trading
lower.
Highly cyclical sea transport .ISHIP.T , air transport
.IAIRL.T and non-ferrous metals .INFRO.T were among the
worst performing sectors on the main bourse.
Bucking the overall weakness, Olympus Corp 7733.T surged
9.1% to hit a four-month high after the company said on
Wednesday it had agreed to sell its historic but unprofitable
camera business to Japan Industrial Partners Inc.
Nomura analyst Motoya Kohtani said the decision came as a
positive surprise and represents a major step towards achieving
Olympus's medium-term business plan to improve its operating
margin.
NEC Corp 6701.T advanced 3.4% after the company said on
Thursday it would discuss forming a capital alliance with
telecommunications company Nippon Telegraph and Telephone (NTT)
at its board meeting later in the day. Shares of NTT 9432.T slipped 0.3%.

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