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Japanese shares close weaker as domestic COVID-19 cases spike

Published 07/16/2020, 03:44 PM
Updated 07/16/2020, 03:50 PM

TOKYO, July 16 (Reuters) - Japanese shares ended lower on
Thursday as worries over a surge of domestic coronavirus cases
dampened hopes for a swift economic recovery.
The benchmark Nikkei shares average .N225 closed 0.76%
lower at 22,770.36, retreating from a five-week high hit in the
previous session. There were 126 advancers against 95 decliners
in the index.
The market started the session downbeat on profit-taking,
but losses were extended after the midday break as Tokyo
Governor Yuriko Koike said COVID-19 cases were likely to exceed
280 on Thursday. A day earlier, the metropolis raised its
coronavirus alert to the highest level. As COVID-19 cases continue to rise at home and abroad,
"investors are now having doubts about whether economic recovery
will actually happen as expected by the market," said Shuji
Hosoi, senior market strategist at Daiwa Securities in Tokyo.
Even robust China data showing the world's second-largest
economy rebounded more than expected in April-June from a record
contraction did little to lift market sentiment. Pharmaceutical .IPHAM.T , electronic and gas .IEPNG.T and
info and telecom .ICOMS.T were the three worst performers on
the main bourse.
Semiconductor issues underperformed, with Screen Holdings Co
Ltd 7735.T dropping 4.17%, while Advantest Corp 6857.T and
Tokyo Electron Ltd 8035.T eased 2.68% and 2.55%, respectively.
Among gainers, Japan Exchange Group Inc 8697.T jumped
6.51% after Nikkei Inc said it would add the stock to the Nikkei
average from July 29, replacing Sony Financial Holdings Inc
8729.T .
The broader Topix .TOPX lost 0.66% to 1,579.06, with
nearly half of the 33 sector sub-indexes on the Tokyo exchange
trading lower.

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