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Tokyo stocks wobble after China reports sharp rise in virus deaths

Published 13/02/2020, 08:07
© Reuters.  Tokyo stocks wobble after China reports sharp rise in virus deaths
JP225
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AMAT
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TMUS
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TOPX
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8035
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9984
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8011
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IMCHN.T
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IPAPR.T
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ISTEL.T
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TOKYO, Feb 13 (Reuters) - Japanese shares wobbled on

Thursday as a sharp jump in the death toll from the coronavirus

triggered concerns that the epidemic could get worse before it

is brought under control.

The benchmark Nikkei average .N225 slipped 0.14% to

23,827.73, while the broader Topix .TOPX fell 0.34% to

1,713.08.

The death toll in China's Hubei province, the epicentre of

the flu-like virus outbreak, rose by 242 to 1,310 as of

Wednesday. A record 14,840 cases were reported in Hubei on

Thursday, from 2,015 new cases nationwide a day earlier, under a

new method for diagnosing cases. The safe-haven yen JPY=EBS firmed against the dollar,

pulling back from the three-week low of 110.15 yen hit on

Wednesday and weighed on export-related stocks.

About two-thirds of the 33 sector sub-indexes on the Tokyo

Stock Exchange were trading lower, with iron and steel

.ISTEL.T , machinery .IMCHN.T and paper and pulp stocks

.IPAPR.T leading the losses.

Tokyo-listed shares were weighed down by worries of supply

chain disruptions from the virus outbreak in China.

A bright spot was Taiko Pharmaceutical 4754.T , which

soared 6.8% to a record high on increasing demand for the

drugmaker's virus-removal and infection-control products.

Nikkei's heavyweight SoftBank Group Corp (SBG) 9984.T

retreated 5.1%, after a 11.9% surge on Wednesday in response to

a U.S. federal judge's approval of a takeover of its unit Sprint

S.N by T-Mobile TMUS.O .

The tech conglomerate's third-quarter operating profit fell

99%, pulled down by losses at the $100 billion Vision Fund, but

its founder and Chief Executive Officer Masayoshi Son said the

company's performance was already improving. Big investors who are critical to SBG's plans for a second

massive tech investment fund are refusing to take part unless

the first Vision Fund can turn around its performance, Reuters

reported on Thursday citing sources. Bucking the broader weakness, chip-related stocks continued

to attract buying.

Semiconductor equipment maker Tokyo Electron Ltd 8035.T

climbed 2.1% to an all-time high as the world's largest chip

gear maker Applied Materials Inc AMAT.O forecast

better-than-expected revenue and profit for the second quarter.

Sanyo Shokai Ltd 8011.T gained 3.4% after U.S. activist

investor RMB Capital said the Chicago-based firm requested the

Japanese clothing company to seek a strategic buyer.

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