Japanese shares surrender early gains on coronavirus worries

AnGes

17/07/2020 04:58

TOKYO, July 17 (Reuters) - Japanese shares gave up early
gains on Friday as the relentless spread of the coronavirus
stoked investors to see a bit of scepticism about a swift
economic recovery. 
    The benchmark Nikkei share average  .N225  was up 0.02% at
22,773.95 by the midday break, with 75 advancers against 148
decliners.
    The broader Topix  .TOPX  added 0.05% to 1,579.90, with
nearly a third of the 33 sector sub-indexes on the Tokyo
exchange trading in positive territory.
    Japanese stocks opened modestly higher, taking cues from
E-Mini futures for the S&P 500  EScv1 , which gained 0.34% on
COVID-19 vaccine and U.S. stimulus hopes. Stronger Shanghai
shares also provided a tailwind for the market.
    The market pulled back as investors worried about Japan's
COVID-19 cases, which exceeded 600 on Thursday, the highest
one-day increase in three months, with Tokyo registering more
than 280.  urn:newsml:reuters.com:*:nL2N2EO037
    Among sectors, electric and gas  .IEPNG.T , pharmaceutical
 .IPHAM.T , and information and telecoms  .ICOMS.T  were the
three top gainers on the main bourse, up 1.18%, 0.93% and 0.82%,
respectively.
    Industrial conglomerate Hitachi Ltd  6501.T  gained the most
among the top 30 core Topix names, jumping 4.08% on a weaker
yen. 
    Semiconductor-related shares also advanced after Taiwan
Semiconductor Manufacturing Co Ltd  2330.TW  posted a record
quarterly net profit jump of 81% and forecast a revenue growth
above 20% for this year.  urn:newsml:reuters.com:*:nL3N2EN1LD
    Advantest Corp  6857.T  climbed 1.97%, while Screen Holdings
Co Ltd  7735.T  and Alps Alpine Co Ltd  6770.T  added 1.89% and
1.42%, respectively.
    The index of Mothers start-up market  .MTHR  dipped 1.94% to
983.37, a level unseen since July 6, with biotech AnGes  4563.T 
falling 5.61%.

 (Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu)
 ((eimi.yamamitsu@thomsonreuters.com;))