News

Japane Shares Drop, Economic Slump Prompts Investor Caution

0

TOKYO, May 19 Reuters Japanese shares fell on Wednesday, tracking cues from Wall Streets weak finish overnight, while domestic cyclicals lost ground as concerns over the countrys pandemicinduced economic slump weighed on investor sentiment.

Nikkei share average was down 1.34 at 28,026.36 by 0207 GMT, while the broader Topix fell 0.67 to 1,895.19.

Japanese market cant be free from the influence of overseas markets. At the same time, Japan has its own negative factor the governments emergency measures to curb COVID19 infections, Yoshihiro Takeshige, general manager at investment management department, Asahi Life Asset Management, said.

It is hard to find reasons for a market recovery in a short term.

U.S. stocks closed weaker overnight, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed betterthanexpected earnings.

A jump in COVID19 infections stoked alarm in Japan amid a shortage of medical staff and hospital beds in Tokyo, prompting a top medical organisation to call for cancellation of the Tokyo Olympics scheduled in July.

Cyclical shares took a hit, with machinery sector losing the most among the 33 sector subindexes on the main bourse.

Airconditioner maker Daikin Industries fell 3.6, construction equipment maker Komatsu lost 2.74, while farm equipment maker Kubota slipped 2.77.

Toyota Motor, which touched a record high in the previous session, fell 0.74 after the automaker said it would halt its production…

China Hot Rolled Coils, Rebar Fall on Easing Worries over Supply Curbs

Previous article

UK House Prices Jump 10, Fastest Rate since 2007 ONS

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News