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Japan shares extend slide on worries over coronavirus

Published 03/10/2020, 11:52 AM
Updated 03/10/2020, 11:56 AM
Japan shares extend slide on worries over coronavirus

SYDNEY, March 10 (Reuters) - Japanese shares declined in a
volatile session on Tuesday as worries persisted over the
economic impact from the fast-spreading coronavirus and risks of
lower oil prices.
The Nikkei average .N225 fell 1.5% to 19,405.57 by the
midday break, having earlier fallen to a three-year low of
18,891.77. It plunged 5.1% on Monday tracking a global sell-off.
The broader Topix .TOPX shed 1.2% to 1,371.82, also having
trimmed earlier losses.
All of the 33 sector sub-indexes on the Tokyo Stock Exchange
were trading lower, with highly cyclical mining .IMING.T , sea
transport .ISHIP.T and textiles .ITXTL.T being the worst
three performers.
The virus has spread to more than 100 nations and infected
over 114,000 people globally https://tmsnrt.rs/3aIRuz7, with
Italy ordering everyone across the country not to move around
other than for work and emergencies, while banning all public
gatherings. Denting sentiment further was traders warning of downside
risks to oil prices, which fell to their lowest since 1991 on
Monday and added to concerns of mounting economic damage due to
the epidemic. Oil futures stabilised in Asia on Tuesday.
MKTS/GLOB
Tokyo-listed oil-related companies suffered another bruising
rout, with Inpex Corp 1605.T tumbling 7.4% and JXTG Holdings
Inc 5020.T shedding 3.4%.
After U.S. Treasury yields US10YT=RR declined to record
lows overnight, rate-sensitive TSE REIT index .TREIT slumped
5.3%.
Elsewhere, Ricoh Co Ltd 7752.T jumped 5.0% after the
company announced a plan to sell partial stakes in Ricoh Leasing
Co Ltd 8566.T to Mizuho Leasing Co Ltd 8425.T in late-April,
while Ricoh Leasing and Mizuho Leasing lost 6.0% and 2.4%,
respectively.

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