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REFILE-Japanese shares surrender early gains on coronavirus worries

Published 07/17/2020, 11:58 AM
Updated 07/17/2020, 12:50 PM

(Fixes language in lead of story)
TOKYO, July 17 (Reuters) - Japanese shares gave up early
gains on Friday as the relentless spread of the coronavirus
prompted some investor scepticism about a swift economic
recovery.
The benchmark Nikkei share average .N225 was up 0.02% at
22,773.95 by the midday break, with 75 advancers against 148
decliners.
The broader Topix .TOPX added 0.05% to 1,579.90, with
nearly a third of the 33 sector sub-indexes on the Tokyo
exchange trading in positive territory.
Japanese stocks opened modestly higher, taking cues from
E-Mini futures for the S&P 500 EScv1 , which gained 0.34% on
COVID-19 vaccine and U.S. stimulus hopes. Stronger Shanghai
shares also provided a tailwind for the market.
The market pulled back as investors worried about Japan's
COVID-19 cases, which exceeded 600 on Thursday, the highest
one-day increase in three months, with Tokyo registering more
than 280. Among sectors, electric and gas .IEPNG.T , pharmaceutical
.IPHAM.T , and information and telecoms .ICOMS.T were the
three top gainers on the main bourse, up 1.18%, 0.93% and 0.82%,
respectively.
Industrial conglomerate Hitachi Ltd 6501.T gained the most
among the top 30 core Topix names, jumping 4.08% on a weaker
yen.
Semiconductor-related shares also advanced after Taiwan
Semiconductor Manufacturing Co Ltd 2330.TW posted a record
quarterly net profit jump of 81% and forecast a revenue growth
above 20% for this year. Advantest Corp 6857.T climbed 1.97%, while Screen Holdings
Co Ltd 7735.T and Alps Alpine Co Ltd 6770.T added 1.89% and
1.42%, respectively.
The index of Mothers start-up market .MTHR dipped 1.94% to
983.37, a level unseen since July 6, with biotech AnGes 4563.T
falling 5.61%.

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