Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japanese shares drop as cyclicals drag, virus worries increase

06/28/2021 | 11:06pm EDT

TOKYO, June 29 (Reuters) - Japanese shares slumped on Tuesday, with weaker cyclical stocks outweighing gains in technology names, as outbreaks of the highly contagious COVID-19 variant Delta raised concerns about a recovery in the global economy.

The Nikkei share average fell 0.94% to 28,774.35 by 0208 GMT, while the broader Topix lost 0.90% to 1,948,03.

"Investors are selling Japanese cyclical shares after losses in the Dow and European stocks. Since Japan does not have stocks that are equivalent to GAFA shares, the market is not taking advantage of the Nasdaq's robust finish overnight," said Soichiro Matsumoto, chief investment officer Japan at Credit Suisse Private Banking.

The Nasdaq and S&P 500 hit all-time highs overnight, fuelled by big tech stocks such as Facebook Inc and Amazon.com Inc, while the Dow Jones Industrial Average was dragged down by cyclicals.

"And, there are concerns around the spread of the COVID-19 variant. Prospects of Japan's economic outlook is specially bleak because the country is hosting the Olympics and its impact on the pandemic is unknown."

While Spain and Portugal imposed new restrictions on unvaccinated Britons, 80% of Australians faced tighter curbs due to flare-ups of the virus across the country. In Tokyo, the host of the Tokyo 2020 Olympic Games, two arriving athletes have tested positive for COVID-19.

Among other individual sectors and shares, energy and steel indexes led the declines, while precision instruments makers traded higher among the Tokyo Stock Exchange's 33 industry subindexes.

Nexon Co Ltd, up 4.28%, rose the most on the Nikkei, followed by NEC gaining 3.69% and Fujitsu up 1.15%.

Yamaha Motor, down 5.42%, was the biggest loser on the Nikkei, followed by Takashimaya losing 4.75% and Yokohama Rubber down 4.52%. (Reporting by Junko Fujita; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.28% 3425.52 Delayed Quote.4.88%
CREDIT SUISSE GROUP AG 0.92% 9.194 Delayed Quote.-19.35%
FACEBOOK INC 2.02% 352.96 Delayed Quote.29.21%
FUJITSU LIMITED 3.47% 21200 End-of-day quote.42.23%
NEC CORPORATION 3.13% 6270 End-of-day quote.13.18%
NEXON CO., LTD. 4.80% 1811 End-of-day quote.-43.05%
TAKASHIMAYA COMPANY, LIMITED 3.48% 1189 End-of-day quote.34.35%
THE YOKOHAMA RUBBER CO., LTD. 2.19% 2006 End-of-day quote.30.77%
YAMAHA MOTOR CO., LTD. 3.90% 3200 End-of-day quote.52.09%
Latest news "Economy & Forex"
07:53aBritain expected to ease visa rules as truck driver shortage bites
RE
07:38aProtesters in eastern Sudan shut oil import pipeline - ministry
RE
07:24aChina foreign ministry describes meng's case is an 'act of political persecution against chinese citizens' - state media
RE
07:24aChina foreign ministry says accusations against Huawei's Meng 'fabricated' - state media
RE
07:20aChina foreign ministry says accusations against huawei's meng wanzhou 'fabricated'
RE
07:04aExclusive-Under U.S. sanctions, Iran and Venezuela strike oil export deal - sources
RE
06:41aChina welcomes Huawei executive home, but silent on freed Canadians
RE
06:33aHuawei CFO leaves Canada after U.S. deal on fraud charges, detained Canadians head home
RE
06:05aChinese police take away HNA chairman, CEO on suspicion of crimes
RE
06:04aPalm prices seen firm until Feb, but could ease from March -analyst Mistry
RE
Latest news "Economy & Forex"