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Japanese shares pause after prior session rally

Published 08/26/2020, 03:31 PM
Updated 08/26/2020, 03:40 PM
© Reuters.

TOKYO, Aug 26 (Reuters) - Japanese shares closed flat on
Wednesday as investors chose to book profit after the Nikkei
briefly rebounded to pre-pandemic levels in the previous
session, while a weaker yen and sustained hopes for COVID-19
treatment supported overall sentiment.
The benchmark Nikkei share average .N225 ended down 0.03%
to 23,290.86, after closing 1.35% firmer on Tuesday. It hit its
highest level since Feb. 21 in the last session, as investors
cheered signs that researchers might be closer to a treatment
for the coronavirus.
The broader Topix .TOPX dipped 0.05% to 1,624.48.
Nearly one-third of the 33 sector sub-indexes on the Tokyo
Stock Exchange fell, with textiles .ITXTL.T , real estate
.IRLTY.T and foods .IFOOD.T leading declines.
A weakening yen helped markets trim losses, with the yen
last traded down 0.01% at 106.415 per dollar JPY= .
A gainer was heavyweight SoftBank Group 9984.T , up 3.39%,
rising for a second straight session.
While investors are keenly watching Federal Reserve Chair
Jerome Powell's speech on Thursday for clues on the U.S. central
bank's view on inflation and monetary policy and also waiting
for details on the health of Japanese Prime Minister Shinzo Abe.
Amid worries about his ability to continue as premier, local
media reported that Abe plans to hold a press conference as
early as this week about his health after recent visits to a
hospital. Fast-food restaurant group Colowide Co 7616.T rose 2.73%
as the company extended its hostile bid for casual dining chain
Ootoya Holdings 2705.T after failing to secure enough shares
by the deadline. Ootoya shares jumped 9.41%. Recruitment advertiser Recruit Holdings Co 6098.T fell
1.44% ahead of its results after market hours.

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