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Nikkei slides to 3-week low on U.S.-China trade woes; tech stocks retreat

Published 11/21/2019, 11:21 AM
Updated 11/21/2019, 11:32 AM
Nikkei slides to 3-week low on U.S.-China trade woes; tech stocks retreat
JP225
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TOPX
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7735
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8035
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6857
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8411
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9984
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TOKYO, Nov 21 (Reuters) - Japanese stocks tumbled on
Thursday on concerns a preliminary trade deal between
Washington and Beijing may not be completed this year, with a
fresh row over U.S. legislation on Hong Kong potentially
complicating their negotiations.
The Nikkei share average .N225 fell 1.2% to 22,872.03 by
midday break, its lowest level since Nov. 1, and was on track
for its biggest daily drop in seven weeks.
Overnight, Wall Street's three main indexes fell, largely
hurt by a Reuters report citing experts and people close to the
White House as saying completion of a U.S.-China trade deal
could slide beyond 2019. Adding to the tensions between the world's two biggest
economies, the U.S. House of Representatives on Wednesday passed
two bills intended to support protesters in Hong Kong and send a
warning to China about human rights. Analysts said that a wave of profit-taking set in after the
benchmark Nikkei fell below the psychological milestone at
23,000 and the key 25-day moving average, last stood at 23,009,
in early trade.
Recent gainers, most notably semiconductor-related stocks,
were on the retreat. Tokyo Electron 8035.T slid 4.0%,
Advantest 6857.T dropped 3.1% and Screen Holdings 7735.T
dived 5.3%.
Nikkei heavyweight SoftBank Group 9984.T fell 2.3% after
media reported the tech conglomerate is in talks to receive
about 300 billion yen ($2.8 billion) in financing from Japanese
banks, led by Mizuho Financial Group. Mizuho's
shares 8411.T dipped 0.7%.
The broader Topix .TOPX declined 1.0% at 1,674.62, with
all of its 33 sub-sectors in negative territory.
With the Topix index ending the morning session 1% lower,
traders expect the Bank of Japan's buying should lend some
support to the stock market in the afternoon.
BOJ data released late Wednesday showed the central bank
bought exchange traded funds (ETFs) for the first time in six
weeks, apart from its daily purchases of ETFs to support capital
spendings. = 108.4900 yen)

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