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Japan Stocks end lower

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Japan share market finished session lower on Tuesday, 28 July 2020, as investors opted to book recent profit on caution ahead of the release of domestic corporate earnings reports.

At closing bell, the 225-issue Nikkei Stock Average dropped 58.47 points, or 0.26%, to 22,657.38. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 7.57 points, or 0.48%, at 1,569.12.

Total 272 sub-indices of 33 industry category of Topix index fell into negative territory, with Air Transportation, Electric Power & Gas, Real Estate, Land Transportation, Transportation Equipment, and Mining issues being notable losers, while Pharmaceutical and Precision Instruments issues were notable gainers.

Tokyo stocks moved on a firm note for most of the morning session, after the U. S.

Dow Jones Industrial Average rallied overnight on hopes for further government stimulus measures. But the pace of selling quickened in later trade with earlier gains being erased, as investors took to selling amid a cautious mood ahead of Japanese firms releasing earnings reports.

Adding to investor consternation was the Tokyo metropolitan government saying that new daily COVID-19 cases had rebounded from a day earlier from 131 cases to 266 new infections, amid concerns over the pace of the virus' spread in the capital. New cases of the virus in July has surpassed the 5,000-mark, accounting for about 50% of Tokyo's cumulative total of more than 11,600 cases cases and one-third of the nation's total.

Mitsubishi Motors was down 12.6%, after the automaker announced it expects a group net loss of 360 billion yen for the current business year through March, due to declining sales amid the pandemic.

CURRENCY: The US dollar was trading at 105.55 yen against 105.38 yen in New York Monday.

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

First Published: Tue, July 28 2020. 16:12 IST