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Japan shares slip to 3-week low on coronavirus concerns

Published 01/28/2020, 11:10 AM
Updated 01/28/2020, 11:16 AM
Japan shares slip to 3-week low on coronavirus concerns

TOKYO, Jan 28 (Reuters) - Japanese shares dropped to
three-week lows on Tuesday as a broad range of stocks came under
pressure from the spread of the coronavirus that could curb
global economic growth.
At midday close, the Nikkei share average .N225 was down
0.94% at 23,124.51, hitting the lowest level since Jan. 8.
The Topix .TOPX , which includes all listed shares on the
Tokyo Stock Exchange's main board, lost 0.92% to 1,686.83.
Losses were widespread, with 80% of the main board shares in
the red, an unusually high ratio.
Selling spread to companies seen as having strong growth
prospects such as Keyence 6861.T and Shin-etsu Chemical
4063.T , which fell 2.9% and 2.0%, respectively.
"The share prices had been elevated, so a correction was
necessary and the coronavirus provided that trigger," said
Tetsuro Ii, president of Commons Asset Management.
"But as was the case with SARS and avian flu, it will take
some time before this will be settled. As long as the number of
patients is increasing, it will be hard for investors to buy
shares aggressively," he added.
The death toll from the coronavirus, discovered in China at
the end of last year, has passed 100, and China's rich eastern
province of Zhejiang has said companies there were not allowed
to resume operations before Feb. 9. Nitto Denko 6988.T , manufacturer of industrial tapes and
films, fell 2.1% as lower-than-expected quarterly earnings
overshadowed a share buyback announcement.
Tourism-related shares, which have been badly hit since the
virus started to rattle markets last week, were subdued, with
Topix air transport subindex .IAIRL.T almost flat.
Mask maker Kawamoto Corp 3604.T extended its rally, rising
21.1% in volatile trade. The company's market value has more
than quadrupled so far this month.

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