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Japan stocks extend falls on fears of new restrictions

Published 11/20/2020, 10:46 AM
Updated 11/20/2020, 10:50 AM
© Reuters.

TOKYO, Nov 20 (Reuters) - Japanese stocks fell for a third
consecutive session on Friday as a rise in new domestic
coronavirus infections to record highs fuelled concerns that
officials will place new restrictions on business activity.
The Nikkei 225 index .N225 declined 0.49% to 25,508.93 by
0205 GMT. The broader Topix .TOPX was down 0.15% at 1,723.84.
The Nikkei hit a 29-year high on Tuesday as optimism about
progress in developing a coronavirus vaccine lifted equities.
The optimism, however, faded quickly as a sharp increase in
coronavirus cases suggests Japan's economy could weaken before a
vaccine becomes widely available. For the week, the Nikkei was
on course for a 0.5% increase. Authorities in the United States and Europe are placing new
restrictions to slow another wave of virus infections, which is
an additional reason to pocket profits on the rally in global
stocks from March lows, analysts say.
The underperformers among the Topix 30 were Daikin
Industries Ltd 6367.T , down 3.10%, followed by Tokio Marine
Holdings Inc 8766.T , down 2.70%.
Air conditioner maker Daikin took a hit after the Nikkei
newspaper reported that electric vehicle maker Tesla TSLA.O
was considering making air conditioners for homes.
The stocks that gained the most among the top 30 core Topix
names were SoftBank Group Corp 9984.T , up 2.57%, followed by
Murata Manufacturing Co Ltd 6981.T , up 1.45%.
Hitachi Metals Ltd 5486.T jumped by 9.59% after Nikkei
reported that its parent Hitachi Ltd 6501.T had begun
accepting bids for the metals company.
There were 68 advancers on the Nikkei index against 154
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.44 billion, compared to the average of
1.15 billion in the past 30 days.

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