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Nikkei slips after massive short-squeeze, defensives in favour

Published 04/15/2020, 11:09 AM
Updated 04/15/2020, 11:10 AM

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.

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