Japanese shares hit 1-1/2 week low on U.S. tech selloff
09/09/2020 04:26
TOKYO, Sept 9 (Reuters) - Japanese shares dropped to a more
than one-week low on Wednesday, tracking Wall Street, as risk
sentiment soured after an extended selloff in U.S. heavyweight
technology companies.
The benchmark Nikkei share average .N225 fell 1.57% to
22,908.97 by the midday break, while the broader Topix .TOPX
lost 1.60% to 1,595.00.
Both indexes hit their lowest level since Aug. 28.
All but shippers .ISHIP.T among the 33 sector sub-indexes
on the Tokyo exchange fell.
Wall Street closed lower overnight as technology stocks
continued to slide for a third straight session, sending the
Nasdaq .IXIC into correction territory. .N
Tokyo-listed technology stocks also fell.
Nikkei heavyweight SoftBank Group Corp's shares 9984.T
were down 5.47% and are on track to post their fifth consecutive
session of losses.
The conglomerate's stock has been falling since sources told
Reuters and other media late last week that it had built up
massive stakes in U.S. tech firms, in addition to purchasing
call options. urn:newsml:reuters.com:*:nL4N2G602G urn:newsml:reuters.com:*:nL1N2G51DO
Other technology companies including Sony Corp 6758.T and
Tokyo Electron 8035.T dropped around 2.5% each.
Hopes of a quick economic recovery were dampened after
AstraZeneca Plc AZN.L said it has paused a late-stage study of
one of the leading coronavirus vaccine candidates over safety
concern. urn:newsml:reuters.com:*:nL1N2G5276
Energy-related stocks tumbled as oil prices slumped after
Saudi Arabia cut its October selling prices and COVID-19 cases
rebounded in several countries. O/R
Mining .IMING.T led decliners on the main bourse, down
3.87%, while the oil & coal products sector .IPETE.T fell
1.61%.
Shares of oil and gas exploration company INPEX Corp
1605.T dropped 4.37% and Cosmo Energy Holdings Co 5021.T
fell 2.36%.
Fast-food group Colowide 7616.T bucked the overall
weakness to jump more than 6% after the company said it had
succeeded in a hostile takeover of Ootoya 2705.T . Ootoya fell
2.3%. urn:newsml:reuters.com:*:nL4N2G51KW
(Reporting by Eimi Yamamitsu; Editing by Amy Caren Daniel)
((eimi.yamamitsu@thomsonreuters.com;))