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Japan Nikkei falls on profit booking as virus cases soar

Capital Market 

Japan share market finished session lower on Wednesday, 18 November 2020, as investors elected to book profit after touching 29-year high yesterday after the Japanese capital logged a record daily number of coronavirus cases. Meanwhile, negative sentiment was also generated in reaction to the safe-haven yen appreciation against greenback following the negative cues from Wall Street overnight.

At closing bell, the 225-issue Nikkei Stock Average declined 286.48 points, or 1.1%, to 25,728.14. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 14.01 points, or 0.81%, to 1,720.65.

Total 31 sector sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded lower, with Nonferrous Metals, Air Transportation, Marine Transportation, Transportation Equipment, Banks, and Iron & Steel sectors being notable losers.

In economic news, Japan posted a merchandise trade surplus of 872.899 billion yen in October, the Ministry of Finance said on Wednesday, following the surplus of 675 billion yen in September.

Exports were down 0.2% on year at 6.566 trillion yen, following the 4.9% drop in the previous month. Imports were down an annual 13.3% at 5.693 trillion yen following the 17.2% tumble a month earlier.

CURRENCY NEWS: The Japanese yen strengthened against greenback on Wednesday. It was quoted at 103.85 per dollar, as compared to levels above 104.5 earlier.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 18 2020. 13:47 IST