SYDNEY, March 9 (Reuters) - Japan's share benchmark Nikkei
tumbled to 14-month lows on Monday, on rising fear that the
widening reach of the coronovirus epidemic could severely
disrupt the global economy.
The Nikkei average .N225 shed 6.2% to 19,473.07 by the
midday break, its lowest since Jan. 4, 2019. If sustained by the
end of the day, it will be the biggest one-day fall since June
24, 2016.
The number of people infected with coronavirus topped
107,000 across the world as the outbreak reached more countries
and caused more economic damage. The broader Topix .TOPX slid 6.1% to 1,382.11, touching
its lowest since Nov. 11, 2016.
All of the 33 sector sub-indexes on the Tokyo Stock Exchange
were trading lower, with mining .IMING.T , oil and coal
products .IPETE.T and iron and steel .ISTEL.T being the
worst three performers.
Oil refiners and trading houses were pummelled by big falls
in oil prices as Saudi Arabia plans to raise its crude oil
production significantly following the collapse of OPEC's supply
cut agreement with Russia. Major oil refiners JXTG Holdings Inc 5020.T and Idemitsu
Kosan Co Ltd 5019.T sank 7.9% and 8.1%, respectively, while
Mitsubishi Corp 8058.T and Mitsui & Co 8031.T dropped 5.5%
and 7.1%, in that order.
The safe-haven yen JPY= jumped more than 3% to a day high
of 101.55 per dollar, its strongest since Nov. 9, 2016.
It created a headwind for exporters, including
semi-conductor related shares that had been helped by hopes of
demand related to new technologies such as 5G, with Yaskawa
Electric 6506.T and Murata Manufacturing 6981.T diving 9.5%
and 7.9%, respectively.
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Nikkei plummets to 14-month low amid heightening coronavirus fears
Published 03/09/2020, 11:29 AM
Updated 03/09/2020, 11:32 AM
Nikkei plummets to 14-month low amid heightening coronavirus fears
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