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MarketScreener Homepage  >  Indexes  >  Nikkei 225    N225   JP9010C00002

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Japanese shares fall as economy shrinks at record rate on pandemic woes

08/16/2020 | 10:40pm EST

TOKYO, Aug 17 (Reuters) - Japanese stocks fell on Monday by the most in two weeks after data showed the country's economy shrank at a record pace in the second quarter as the coronavirus pandemic crimped consumer spending. Investors took the data in their stride and locked in profits as the economy slowly emerges from the lockdowns. The equity market did not react to a domestic media report that Prime Minister Shinzo Abe has entered hospital for an examination.

The Nikkei 225 Index fell 0.69% to 23,127.75 by 0207 GMT, with healthcare and telecommunications shares pacing the decline. The broader Topix was down 0.4%.

Some investors sold shares of companies that recently reported favourable earnings. Others booked profits on companies in health care and technology that have risen sharply due to expectations that these sectors would benefit from the pandemic.

However, the overall mood was cautious due to the simmering diplomatic row between the United States and China and questions about how major economies will cope with a recent spike in virus infections.

The underperformers among the top 30 core Topix names were telecom and venture capitalist SoftBank Group Corp, down 2.69%, followed by job placement company Recruit Holdings Co Ltd, losing 2.53%.

The stocks that gained the most among the Topix 30 were games maker Nintendo Co Ltd, up 1.15 %, followed by auto manufacturer Honda Motor Co Ltd, gaining 1.1%.

There were 80 advancers on the Nikkei index against 134 decliners.

The volume of shares traded on the Tokyo Stock Exchange's main board was 0.3 billion, compared to the average of 1.22 billion in the past 30 days. (Reporting by Stanley White; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CITIZEN WATCH CO., LTD. 1.45% 279 End-of-day quote.-53.27%
CONCORDIA FINANCIAL GROUP, LTD. 1.08% 376 End-of-day quote.-16.81%
DENTSU GROUP INC. 2.73% 3570 End-of-day quote.-5.43%
HONDA MOTOR CO., LTD. 5.09% 3047 End-of-day quote.-1.68%
NIKKEI 225 0.05% 26800.98 Real-time Quote.13.23%
NINTENDO CO., LTD. -0.63% 57010 End-of-day quote.29.66%
NIPPON LIGHT METAL HOLDINGS COMPANY, LTD. 0.60% 1849 End-of-day quote.-21.65%
NISSAN MOTOR CO., LTD. 1.81% 513.1 End-of-day quote.-19.34%
RECRUIT HOLDINGS CO., LTD. -4.75% 4070 End-of-day quote.-0.71%
SOFTBANK GROUP CORP. -0.62% 7255 End-of-day quote.52.54%
Z HOLDINGS CORPORATION -0.74% 646.3 End-of-day quote.40.20%
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