Roundup: Tokyo stocks close lower as foreign shares slump, virus fears rise

0 Comment(s)Print E-mail Xinhua, September 24, 2020
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TOKYO, Sept. 24 (Xinhua) -- Tokyo stocks closed lower Thursday as some Asian markets losing ground and Wall Street's plunge overnight dented investor sentiment amid mounting concerns over a resurgence of coronavirus cases in Europe.

The 225-issue Nikkei Stock Average dropped 258.67 points, or 1.11 percent, from Wednesday to close the day at 23,087.82.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, fell 17.81 points, or 1.08 percent, to end at 1,626.44.

Trading got off to a downbeat start, local brokers said, following technology issues being offloaded overnight on Wall Street.

They added that a lack of progress in Washington over another stimulus package to help underpin the virus-hit economy fed into a risk averse mood.

Losses were compounded here as other major Asian bourses, including those in Shanghai and Hong Kong, lost ground, investment analysts added.

Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co., suggested that owing to a dearth of fresh trading cues, investors had little to go by except bleak news, such as the novel coronavirus' resurgence in some major European economies darkening the outlook for the global economic recovery from the pandemic.

"Without fresh cues indicating economic and business recoveries, dark news such as the resurgence of the coronavirus and stalled negotiations of another U.S. economic relief package were easier to catch investors' attention," Ichikawa was quoted as saying.

Iron and steel, nonferrous metal and mining issues comprised those that declined the most by the close of play.

Energy and steelmakers extended losses on continued concerns about falling demand amid a slowdown in economic activities should countries hit by the virus' resurgence apply tougher restrictions on economic and social activities.

Among these, Nippon Steel dropped 4.1 percent, while Kobe Steel fell 4.3 percent by the close.

Oil exploration giant Index sank 2.6 percent, while Japan Petroleum Exploration relinquished 3.8 percent.

Automakers also took a hit on concerns over demand, with Honda skidding down 4.2 percent, while Subaru reversed 3.0 percent by the close.

Bucking the downward trend, some technology issues advanced after Japanese Prime Minister Yoshihide Suga a day earlier reiterated his signature goal of advancing digitalization in both public and private sectors in Japan.

As a result, NEC advanced 1.5 percent, while Tokyo Electron ended the day 2.0 percent higher.

Issues that fell outpaced those that rose by 1,685 to 419 on the First Section, while 72 ended the day unchanged.

On the main section on Thursday, 1.247 billion shares changed hands, dropping from Wednesday's volume of 1.519 billion shares.

The turnover on the penultimate day of the week came to 2.290 trillion yen (21.745 billion U.S. dollars). Enditem

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