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Japan shares end lower on Evergrande woes, bargain-buying limits losses

09/21/2021 | 02:48am EDT

TOKYO, Sept 21 (Reuters) - Japanese shares tracked weakness in global markets to close lower on Tuesday, as investors dumped risky assets on fears of a potential default by China's Evergrande Group, although some bargain buying helped limit the losses.

The Nikkei share average dropped 2.17% to close at 29,839.71, marking its biggest fall since June 21. The broader Topix slipped 1.7% to 2,064.55.

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.

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

"Domestic investors who had sold their stocks at a height of a recent rally bought back shares on dips today, which supported declines driven by foreigners' sell-off," Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute.

Heavyweight SoftBank Group dragged the Nikkei the most, falling 4.98%, followed by supplier of chip equipment Tokyo Electron dropping 2.45% and air-conditioning maker Daikin Industries falling 4.71%.

Shares sensitive to the global economy also declined, with steel makers losing 3.64% and machinery makers falling 3.37%. Shippers dropped 3.2%.

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

Airliners ANA Holdings rose 2.53% and Japan Airlines jumped 4.47%. Central Japan Railway, which runs bullet trains between Tokyo and Osaka, advanced 3.15%.

There were 14 advancers on the Nikkei index against 210 decliners.

(Reporting by Junko Fujita; Editing by Sherry Jacob-Phillips and Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 0.07% 2680 End-of-day quote.17.70%
CENTRAL JAPAN RAILWAY COMPANY 0.44% 17010 End-of-day quote.16.59%
CHINA EVERGRANDE GROUP -4.12% 2.56 End-of-day quote.-82.82%
DAIKIN INDUSTRIES,LTD. 1.27% 25595 End-of-day quote.11.67%
JAPAN AIRLINES CO., LTD. -0.16% 2456 End-of-day quote.23.11%
SOFTBANK GROUP CORP. 1.77% 6500 End-of-day quote.-19.33%
TOKYO ELECTRON LIMITED 2.35% 51310 End-of-day quote.33.62%
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