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Japanese shares tumble on tech sell-off, pandemic woes

Published 05/11/2021, 11:05 AM
Updated 05/11/2021, 11:10 AM
© Reuters.

TOKYO, May 11 (Reuters) - Japanese shares tumbled on
Tuesday, dragged down by technology stocks tracking overnight
Wall Street losses, while domestic cyclical stocks also fell on
concerns around the nation's worsening situation of the
pandemic.
The Nikkei share average .N225 tumbled 2.52% to 28,774.45
by 0158 GMT, while the broader Topix .TOPX lost 1.84% to
1,916.40.
Wall Street closed lower on Monday as inflation concerns
drove investors away from market-leading growth stocks in favor
of cyclicals. .N
The prolonged pandemic added to the negative sentiment, with
calls for expanding the state of emergency, which covers major
prefectures such as Tokyo and Osaka.
Some prefectural governors called for stronger emergency
measures to be put in place nationwide, the Kyodo news agency
reported. "Atmosphere in the market is bad," said Shoichi Arisawa,
general manager of the investment research department at
IwaiCosmo Securities.
"Even domestic cyclical shares, which should be bought on
the day like today, were being sold. Investors could not find
any reasons to buy Japanese stocks at a time when the pandemic
in Japan shows little signs for slowing down."
Technolgy heavyweights fell, with SoftBank Group 9984.T
tumbling 6.01%, Tokyo Electron 8035.T falling 4.08%, TDK
6762.T losing 5.8%.
Shionogi & Co 4507.T inched up only 0.1% despite a local
media report that said the drug maker may start supplying
COVID-19 vaccines later this year. Nippon Telegraph and Telephone Corp 9432.T , up 1 %, was
the largest percentage gainer among the top 30 core Topix names,
followed by KDDI Corp 9433.T , inching up 0.26%.
SoftBank Group was the worst performer among the Topix 30
names, followed by Daiichi Sankyo 4568.T losing 4.07%.
There were 14 advancers on the Nikkei index against 210
decliners.

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