Japan stocks end lower after Tokyo goes on highest virus alert

CyberAgent

19/11/2020 06:30

By Stanley White
    TOKYO, Nov 19 (Reuters) - Japanese stocks fell for a second
session on Thursday after Tokyo issued its most severe warning
about a record daily cases of the coronavirus that raised
concerns about further restrictions on the country's economic
activity.
    The Nikkei 225 Index  .N225  ended down 0.36% at 25,634.34,
while the broader Topix  .TOPX  recovered from early losses to
end 0.33% higher at 1,726.41, lifted by industrial sector
shares.
    Tokyo's daily tally of new cases set for a record high of
more than 500 while its governor warned of a worse scenario 
unless action is taken.
    Japan's nationwide tally also hit a record high. But it is
the spread of the virus in Tokyo, which hopes to stage a
re-scheduled Olympic Games next year, that worries investors the
most.  urn:newsml:reuters.com:*:nL1N2I5086
    Infections are also rising rapidly in the United States,
raising concerns about the economic health of the world's
largest economy.  urn:newsml:reuters.com:*:nFWN2I410U
    "Equity prices have risen rapidly, so we are now in a phase
where many people are considering taking in profit," said
Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui
Asset Management.
    "If this were the spring, the Japanese government would
already be telling people to stay at home. However, the downside
for equities is limited because the decline in economic activity
is likely to be less than it was earlier this year."
    The underperformers among the Topix 30 were Astellas Pharma
Inc  4503.T  down 2.21%, followed by Mitsubishi UFJ Financial
Group Inc  8306.T  losing 1.52%.
    Stocks that gained the most among the top 30 core Topix
names were Daiichi Sankyo Co Ltd  4568.T  up 2.65%, followed by
Itochu Corp  8001.T  rising 2.28%. 
    There were 95 advancers in the Nikkei index against 123
decliners. The volume of shares traded on the Tokyo Stock
Exchange's main board  .TOPX  was 1.09 billion, compared with
the average of 1.13 billion in the past 30 days.

 (Reporting by Stanley White; Editing by Ramakrishnan M. and
Sherry Jacob-Phillips)
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