Investing.com - Financial Markets Worldwide
⭐ Start off 2025 with a powerful boost to your portfolio: January’s freshest AI-picked stocksUnlock stocks

Nikkei slips after massive short-squeeze, defensives in favour

Published 04/15/2020, 11:09 AM
Updated 04/15/2020, 11:10 AM
JP225
-
TOPX
-
5401
-
8306
-
8316
-
8411
-
3141
-
IAIRL.T
-
IBNKS.T
-
IPHAM.T
-
ISHIP.T
-
ISTEL.T
-
6047
-
3990
-

TOKYO, April 15 (Reuters) - Japanese share prices stepped
back from one-month highs on Wednesday following a massive
short-squeeze rally the previous day on hopes the worst economic
damage from the coronavirus pandemic may be soon over.
Investors still favoured denfensive shares such as
healthcare, while many cyclical shares such as banks, shippers
and steelmakers underperformed.
The Nikkei share average .N225 fell 0.60% to 19,521.25 on
profit-taking after a 3.13% gain on Tuesday while the broader
Topix .TOPX lost 0.54% to 1,425.74.
With the Nikkei now paring back about 40% of its downturn in
the first quarter on the coronavirus, its 50% retracement level
around 20,250 is seen as a next possible target though some
investors are ready to lock in profits now.
Bank shares .IBNKS.T dropped 2.8%. Mitsubishi UFJ
Financial Group 8306.T fell 3.0% while Sumitomo Mitsui
Financial Group 8316.T lost 2.7%. Mizuho Financial Group
8411.T fell 3.4%.
Steelmakers .ISTEL.T fell 2.8%. Industry leader Nippon
Steel 5401.T shed 3.9%. Shippers .ISHIP.T lost 3.1%.
Among start-up firms that announced earnings revision,
Gunosy 6047.T dropped 9.4% after internet media and
advertisement start-up slashed its revenue forecast for the year
to May by almost 18%. UUUM 3990.T fell 7.9% after the firm that specialises in
management of You Tubers and influencers revised down its annual
estimates, cutting net profit guidance for the year to May by
almost a half. On the other hand, battered airline shares .IAIRL.T
bounced back 1.4%.
Investors continued to flock to shares that are likely to
weather the storm caused by the novel coronavirus.
Drugmakers .IPHAM.T gained 0.2%, with Chugai
Pharmaceutical rising 2.3% to a record high and drug store chain
operator Welcia Holdings 3141.T up 2.3% also to a record high.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.