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Tokyo shares wobble after China reports sharp rise in virus deaths

Published 02/13/2020, 11:08 AM
Updated 02/13/2020, 11:16 AM
Tokyo shares wobble after China reports sharp rise in virus deaths

TOKYO, Feb 13 (Reuters) - Japanese stocks wobbled on
Thursday as a sharp jump in the death toll from the coronavirus
triggered concerns that the epidemic could get worse before it
is brought under control.
The benchmark Nikkei average .N225 was virtually flat at
23,875.75 by the midday break, while the broader Topix .TOPX
fell 0.2% to 1,714.98.
The death toll in China's Hubei province, the epicentre of
the virus outbreak, rose by 242 to 1,310 as of Wednesday. It
recorded 14,840 new cases as of Feb. 12, up from a rise of 1,638
new cases on Tuesday.
The safe-haven yen JPY=EBS firmed against the dollar and
weighed on export-related stocks, pulling back from its
three-week low of 110.15 yen that it touched in the previous
session.
About two-thirds of the 33 sector sub-indexes on the Tokyo
Stock Exchange were trading lower, with iron and steel
.ISTEL.T , machinery .IMCHN.T and paper and pulp .IPAPR.T
leading the losses.
Taiko Pharmaceutical 4754.T soared 10.7% to a record high
on increasing demand for the drugmaker's virus-removal and
infection-control products.
Sanyo Shokai Ltd 8011.T gained 2.5% after U.S. activist
investor RMB Capital said the Chicago-based firm requested the
Japanese clothing company to seek a strategic buyer.
Elsewhere, the Nikkei's heavyweight SoftBank Group Corp
9984.T retreated 0.6% after a 11.9% surge on Wednesday in
response to a U.S. federal judge's approval of a takeover of its
unit Sprint S.N by T-Mobile TMUS.O .
The tech conglomerate's third-quarter operating profit fell
99%, pulled down by losses at the $100 billion Vision Fund, but
its Founder and Chief Executive Officer Masayoshi Son said the
company's performance was already improving.

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