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 fall on Evergrande jitters; bargain-hunting limits losses

09/20/2021 | 11:12pm EST

TOKYO, Sept 21 (Reuters) - Japanese shares fell on Tuesday tracking a sell-off on Wall Street, as fears of a potential default by Chinese developer Evergrande Group drove investors out of equities, though losses were capped as traders scooped up cheap stocks.

The Nikkei share average was down 2.03% at 29,880.27, as of 0207 GMT, while the broader Topix lost 1.77% to 2,063.05.

Growing fears of a possible default by Evergrande rattled global markets on Monday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drop since May.

But market participants said the impact of the sell-off on the Japanese market was limited.

"The market declined, but investors were calm and the mood is rather positive," Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities said.

Japan's Nikkei jumped more than 6% since the start of this month as hopes of a new political leadership and falling COVID-19 infections lifted investor sentiment.

"Investors who missed hopping on to the latest rally are now buying shares on dips. They realized how Japanese shares have been cheap following the rally that started late-August."

Index heavyweight SoftBank Group dragged the Nikkei the most, falling 5.36% on Tuesday, followed by supplier of chip equipment Tokyo Electron dropping 2.53% and air-conditioning maker Daikin Industries down 3.57%.

Shares sensitive to global economy also declined, with steel makers losing 3.53% and machinery makers falling 3.01% while shippers slipped 2.89%.

But, travel-related shares rose on hopes of an economic reopening as Tokyo witnessed a drop in COVID-19 infections.

Airliners ANA Holdings rose 1.7% and Japan Airlines gained 3.09%. Central Japan Railway, which runs bullet trains between Tokyo and Osaka, gained 1.2%.

Daiichi Sankyo was the best performer on the Nikkei with gains of 7.43%, followed by Kansai Electric Power, which rose 1.17%.

TOTO Ltd fell 6.06%, making it the worst performer in the index, while Komatsu lost 4.95%. (Reporting by Junko Fujita; Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. -1.74% 2208 End-of-day quote.-3.03%
CENTRAL JAPAN RAILWAY COMPANY -2.66% 15205 End-of-day quote.4.22%
CHINA EVERGRANDE GROUP 3.18% 2.27 End-of-day quote.-84.77%
DAIICHI SANKYO COMPANY, LIMITED 0.16% 2839 End-of-day quote.-19.69%
DAIKIN INDUSTRIES,LTD. 1.01% 24430 End-of-day quote.6.59%
JAPAN AIRLINES CO., LTD. -2.47% 2015 End-of-day quote.1.00%
KOMATSU LTD. 0.00% 2619 End-of-day quote.-7.05%
SOFTBANK GROUP CORP. -5.10% 5599 End-of-day quote.-30.52%
THE KANSAI ELECTRIC POWER COMPANY, INCORPORATED 0.48% 1042 End-of-day quote.7.01%
TOKYO ELECTRON LIMITED -0.58% 59580 End-of-day quote.55.16%
TOTO LTD. 0.96% 5240 End-of-day quote.-15.48%
Latest news "Economy & Forex"
05:42pCENTRAL BANK OF BARBADOS : Promoting Regional Economic Growth and Development
PU
05:35pDogecoin Gained 1.70% to $0.211 at 5 p.m. ET -- Data Talk
DJ
05:35pBitcoin Lost 0.42% to $56904.50 at 5 p.m. ET -- Data Talk
DJ
05:35pEthereum Lost 0.54% to $4545.44 at 5 p.m. ET -- Data Talk
DJ
05:34pShell scraps plans to develop Cambo North Sea oilfield
RE
05:34pEuro Lost 0.16% to $1.1303 -- Data Talk
DJ
05:34pThe WSJ Dollar Index Rises 0.05% to 90.04 -- Data Talk
DJ
05:34pSterling Gains 0.21% to $1.3306 -- Data Talk
DJ
05:34pDollar Gains 0.36% to 113.18 Yen -- Data Talk
DJ
05:23pIMF says chief economist Gopinath to replace Okamoto as No. 2 official
RE
Latest news "Economy & Forex"