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Tokyo shares end lower as rising virus cases cloud recovery hopes

Published 06/18/2020, 02:58 PM
Updated 06/18/2020, 03:00 PM

TOKYO, June 18 (Reuters) - Japanese shares closed lower on
Thursday as increasing cases of the novel coronavirus across the
United States and China raised concerns about a swift recovery
in the global economy.
The benchmark Nikkei average .N225 fell 0.45% to
22,355.46, with 58 advancers against 161 decliners.
While Beijing extended movement curbs to contain the spread
of COVID-19, the daily count of infections hit a new high in
California and Texas and Florida recorded its second-highest
daily increase. Higher U.S. infections also pushed the benchmark S&P index
.SPX 0.3% lower on Wednesday.
The broader Topix .TOPX fell by 0.25% to 1,583.09, with 24
of the 33 sector sub-indexes on the Tokyo exchange posting
declines.
The turnover on the main board was 2.009 trillion yen
($18.79 billion), the lowest in almost a month and more than 10%
below the average over the past year.
The yen also firmed against the dollar, with the dollar
trading at 106.87 yen JPY= , down 0.12% during the session,
hurting the earnings outlook for exporters.
Highly cyclical airline, oil and coal products as well as
iron and steel led declines on the main bourse.
Airlines .IAIRL.T , one of the sectors hardest hit by the
pandemic, ended down 1.70%, while oil and coal products
.IPETE.T fell 1.22%.
Iron and steel .ISTEL.T shares fell 0.79% after U.S. Steel
X.N slumped 10% on Wednesday following its weak earnings
outlook for the current quarter. Machinery manufacturer NTN Corp 6472.T slipped 5.04% as
the company forecast a net loss of 43.9 billion yen for the year
ending in March.
Bucking the trend, gaming company Nintendo 7974.T rose
2.81% and hit a 12-year high on expectations of strong demand as
people stay home during the coronavirus outbreak.

($1 = 106.9000 yen)

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