Tokyo shares at over 4-month lows as pandemic fears intensify

TOKYO, Feb 26 (Reuters) - Japanese shares extended losses on
Wednesday to their lowest in more than four months, as a spike
in coronavirus infections beyond mainland China threatened to
damage global economic growth, forcing investors to dump risky
assets.
The benchmark Nikkei average .N225 tumbled as much as 2.1%
to 22,127.42, its lowest since Oct. 15, breaking below its
immediate support level of 200-day moving average at 22,196.
The index ended the morning session down 1.1% at 22,357.39
following Tuesday's sharp decline of 3.3%.
The outbreak has claimed over 2,700 lives in China and
spread to dozens of other countries.
Adding to the fears was an alert from the U.S. Centers for
Disease Control and Prevention on Tuesday warning Americans to
prepare for the spread of coronavirus in the United States,
signalling a change in tone for the Atlanta-based U.S. health
agency. The broader Topix .TOPX also shed 1.1% to 1,600.93, by the
midday break, after falling to its lowest in more than four
months during the morning session.
All but one of the 33 sector sub-indexes on the Tokyo Stock
Exchange were trading lower, with mining .IMING.T , real estate
.IRLTY.T and air transport .IAIRL.T being the worst three
performers.
Mitsubishi Estate Co Ltd 8802.T lost 3.5% after Bloomberg
News reported a person infected with the new coronavirus had
been at Shin Marunouchi Building, one of the landmark buildings
that the company developed in Tokyo's premier business district.
The virus has also hit some Olympics-related stocks on
mounting worries it could lead to cancellation of the 2020
Summer Games scheduled to start in Tokyo in July.
Dentsu Group Inc 4325.T dropped 1.8%, sliding for a sixth
day to a seven-year low, amid concerns the Tokyo Olympics will
be cancelled and hurt Japan's largest ad agency. The Nikkei's volatility index .JNIV , a measure of
investors' volatility expectations based on option pricing,
spiked as much as 21.8% to 29.74, its highest level in 14
months.