Nikkei hits 1-week low on COVID-19 concerns, corporate earnings
10/07/2020 08:08
TOKYO, July 10 (Reuters) - Japanese shares closed at a
one-week low on Friday as a spike in fresh COVID-19 cases at
home and abroad fuelled concerns that the path to economic
recovery could be hindered, while the market braced for further
corporate earnings pain.
The benchmark Nikkei share average .N225 slipped 1.06% to
22,290.81, its lowest close since July 2, with only 21 advancers
on the index against 202 decliners.
The broader Topix .TOPX dropped 1.42% to 1,535.20, also
marking its lowest close since June 15.
All 33 sector sub-indexes on the Tokyo exchange traded in
the red.
More than 60,500 new COVID-19 infections were reported
across the United States on Thursday, the largest single-day
tally record, stoking fears that new lockdowns could take a toll
on the economic recovery. urn:newsml:reuters.com:*:nL1N2EG13N
Japan's capital Tokyo also continued to see a record daily
number of fresh COVID-19 cases, marking 243 new infections on
Friday, urn:newsml:reuters.com:*:nL4N2EH0U0
Highly cyclical mining .IMING.T , securities brokerages
.ISECU.T and real estate .IRLTY.T were the top three worst
performers on the main bourse.
Fast Retailing Co 9983.T slipped 3.34% after Uniqlo owner
lowered its annual outlook as coronavirus-led store closures and
weak consumer spending restrained the company's growth.
urn:newsml:reuters.com:*:nL4N2EG1LD
Hideyuki Ishiguro, senior strategist at Daiwa Securities in
Tokyo, said investors also awaited earnings report from Yaskawa
Electric Corp 6506.T due later in the day.
The motion control equipment maker has high exposure to
China, and its earnings announcement will be a touchstone to
help determine the impact the pandemic has had on manufacturing
industry.
Other notable movers included Ryohin Keikaku 7453.T ,
shedding 5.38% after the company said its U.S. subsidiary filed
for bankruptcy protection due to coronavirus. urn:newsml:reuters.com:*:nL4N2EH1FU
Bucking the overall losses, Sony Corp 6758.T gained 2.7%
following media reports about the company making a $250 million
strategic investment in Epic Games, the creator of "Fortnite".
urn:newsml:reuters.com:*:nL4N2EG3OM
(Reporting by Eimi Yamamitsu; Editing by Simon Cameron-Moore
and Sherry Jacob-Phillips)
((eimi.yamamitsu@thomsonreuters.com;))