Graphic: Dashboard of Japanese stocks with a stake in Olympics' success
09/03/2020 07:30
March 9 (Reuters) - Japanese stocks banking on the success
of the Olympics this year are taking a hit as the rapid spread
of coronavirus is threatening cancellation of the world's
biggest sporting tournament.
Japan has been preparing for years and has invested about
$12 billion in the Olympics, which start on July 24.
The number of virus cases in Japan passed 1,100, including
about 700 from a cruise ship quarantined near Tokyo, the
capital, last month. Fourteen people have died, including seven
from the liner.
Organisers of the Tokyo 2020 Olympics pushed on with the
test event for sports climbing last week despite a worldwide
raft of cancellations or postponements of matches and
tournaments, due to concerns over the virus. urn:newsml:reuters.com:*:nL4N2AZ264
About 340 Japanese children will be unable to participate in
the Olympic torch ceremonies for the handover in Greece and
arrival in Japan due to precautions against the spread of the
virus, Tokyo 2020 chief Yoshiro Mori said. urn:newsml:reuters.com:*:nL4N2AZ2GQ
Shares of audio and visual equipment firm Hibino Corp
2469.T were the biggest decliners this year, among the
Olympics-involved firms tracked by Reuters. By Friday's close,
the stock had shed 47.5% this year.
H.I.S. Co 9603.T , Japan's largest listed travel agent by
revenue, had also fallen 42% for the year. Last week, the
company said it expected a full-year loss, rather than a profit,
citing the virus impact. urn:newsml:reuters.com:*:nFWN2AT0CM
Sportswear maker Asics Corp 7936.T , which gained more than
50% in the second half of 2019, has shed about 30% over the past
month.
Dentsu Group Inc 4324.T , Japan's largest advertising
agency and the main marketing agency for the Tokyo games, and
its rival Hakuhodo DY Holdings Inc, 2433.T have fallen about
28% and 26.5%, respectively, in the past month.
Consumer retail firms, transport infrastructure, hotels and
restaurants were the hardest hit, the data showed.
Most of these firms have underperformed Japan's Nikkei
.N225 and broader Topix stock index .TOPX .
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Japan olympic firms https://tmsnrt.rs/2PZRnX8
Relative performance https://tmsnrt.rs/2TxDPnY
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(Reporting by Patturaja Murugaboopathy and Gaurav Dogra in
Bengaluru)
((patturaja.murugaboopathy@thomsonreuters.com;))