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Nikkei 225 Off 1.6% On Tech Softness, Pandemic Concerns

05/12/2021 02:13

05:56 AM EDT, 05/12/2021 (MT Newswires) -- The Nikkei 225 opened evenly Wednesday but fell in trading, finishing down 1.6%, piling onto the 3.1% loss posted Tuesday. Investors again shied away from the tech sector, and mulled the ongoing COVID-19 "fourth wave" wave engulfing Japan. The nation Tuesday reported more than 6,000 new virus infections, while a state of emergency applies to the populous Tokyo and Osaka regions, and two other prefectures.

The benchmark Nikkei 225 fell 461.08 to 28,147.51, as losing issues outnumbered gainers 192 to 31.

Leading the thin upside were electronics-house Sharp (SHCAY, 6753:Tokyo), up 6.4% after reporting earnings, followed by chemical concern Tosoh (TOSCF, 4042;Tokyo), up 4.4%, and then Tokai Carbon (TKCBY, 5301:Tokyo), up 4.2%.

On the downside were Pacific Metals (5541:Tokyo), off 15.1%, and then Mitsui Engineering & Shipbuilding (MIESY, 7003:Tokyo), both after reporting earnings.

The Tokyo Stock Exchange REIT Index fell 0.7% on the day.

In economic news, a coincident index of business conditions rose to 93.1 in March from 89.9 in February, and against the 2015 base of 100, reported the nation's Cabinet Office. Japan's economy is "improving," it said.