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Japanese shares erase gains on lingering worries about virus

Published Mar 03, 2020 11:41 Updated Mar 03, 2020 11:48
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Japanese shares erase gains on lingering worries about virus
 
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4502
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4523
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3105
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* Tracking the coronavirus: https://tmsnrt.rs/3aIRuz7
* Hopes rising for coordinated economic stimulus measures
* Investors speculate BOJ will buy more ETFs
* Coronavirus outbreak has hurt risk assets

By Stanley White
TOKYO, March 3 (Reuters) - A rally in Japanese shares faded
on Tuesday as lingering worries about the domestic spread of the
coronavirus overcame hopes that global central banks would
coordinate to ease the economic impact of the epidemic.
The Nikkei index was up 0.02% at 21,348.15 at 0222 GMT.
Japanese shares opened more than 1% higher a day after the Bank
of Japan said it would take necessary steps to stabilise markets
and revealed it bought a record amount of exchange-traded funds
(ETFs) linked to Japanese shares. However, those gains gradually faded as traders curbed their
optimism. The World Health Organisation says Japan is now one of
four countries that it is most concerned about as it tracks the
spread of the virus. Infections in Japan have topped 200, with six deaths. That
excludes more than 700 cases and five more deaths from the
quarantined cruise liner.
There were 88 advancers on the Nikkei index against 130
decliners on Tuesday
The largest percentage gainer in the index was drug maker
Teijin Ltd 3401.T , up 3.7%, followed by Takeda Pharmaceutical
Co Ltd 4502.T gaining 2.2% and rival drugmaker Eisai Co Ltd
4523.T up by 2.1%.
Teijin gained after the Japanese Association for Infectious
Diseases said three coronavirus patients treated with a drug
made by the company showed signs of improvement.
The largest percentage losses in the index were media
broadcaster SKY Perfect JSAT Holdings Inc 9412.T , down 4%,
followed by car brake maker Nisshinbo Holdings Inc 3105.T
losing 3.41%, and metal processor DOWA Holdings Co Ltd 5714.T
down by 2.85%.
Some traders were on the sidelines before a Group of Seven
conference call expected on Tuesday to discuss measures to deal
with the economic impact of the coronavirus outbreak.
The coronavirus emerged in China late last year but has
since spread to 66 countries and killed more than 3,000 people.
The broader Topix index .TOPX fell 0.18% on Tuesday to
1,523.07.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.8 billion, compared to the average of
1.32 billion in the past 30 days.


Japanese shares erase gains on lingering worries about virus
 

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