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Tokyo stocks fall to 1-1/2-week low on worse-than-expected GDP

Published 02/17/2020, 11:44 AM
Updated 02/17/2020, 11:48 AM
Tokyo stocks fall to 1-1/2-week low on worse-than-expected GDP
JP225
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RENA
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TOPX
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7201
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2503
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IAIRL.T
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IMETL.T
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ISHIP.T
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TOKYO, Feb 17 (Reuters) - Japanese shares slid to a
1-1/2-week low on Monday, hurt by a weaker-than-expected gross
domestic product (GDP) reading for the December quarter, while
worries about the economic impact of the coronavirus epidemic
continued to weigh on the market.
The Nikkei average .N225 fell 0.6% to 23,537.03 by the
midday break, its lowest level since Feb. 5, while the broader
Topix .TOPX dropped 0.9% to 1,688.29, also a 1-1/2-week low.
All but two of the 33 sector sub-indexes on the Tokyo Stock
Exchange were trading lower, with air transport .IAIRL.T , sea
transport .ISHIP.T and metal products .IMETL.T being the
worst three performers.
Japan's economy contracted at an annualised pace of 6.3% in
October-December period, shrinking at the fastest pace in almost
six years, government data showed, highlighting a fragile
outlook made worse by growing coronavirus risks. Economists'
median estimate was for a 3.7% contraction. "We all knew that the figures were going to be weak, but the
actual numbers were still shocking," traders said.
Denting sentiment further were fears about a global economic
fallout from the virus, with new cases in mainland China rising
to 2,048 as on Sunday from 2,009 the previous day. Among stocks, Kirin Holdings Co Ltd 2503.T tumbled 7.3%
after the brewer posted a net profit of 59.6 billion yen ($543
million) for the year-ended December, down 63.7% from a year
earlier. The firm also opposed a UK-based activist's proposal to
buy treasury shares worth 600 billion yen.
Nissan Motor Co Ltd 7201.T slid 2.0% to its lowest in
nearly 11 years, after losing 9.6% on Friday, as its French
partner Renault RENA.PA posted its first annual loss in a
decade. = 109.8200 yen)

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