Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japan stocks log biggest weekly loss in 9 months as virus wave weighs

05/14/2021 | 02:35am EDT

TOKYO, May 14 (Reuters) - Japanese stocks clocked their biggest weekly loss in nine months as investors refrained from placing big bets amid a resurgence in COVID-19 cases and on U.S. inflation scare, despite a slight climb in the day on positive corporate earnings.

The Nikkei 225 Index ended 2.32% higher at 28,084.47 on Friday, while the broader Topix rose 1.86% to 1,883.42.

For the week, the Nikkei fell 4.3% to its biggest loss since the week ended July 31, 2020.

Technology shares led the advance on Friday as investors hunted for bargains following a global sell-off in the sector.

Investor concerns over Japan's slow COVID-19 vaccine rollout and further restrictions on the business activity curbed risk appetite during the week.

"Japanese shares are trying to chase the U.S. markets higher, but the economic outlook for both countries is diverging, so Japanese shares will not be able to keep up," said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank.

"Japan's vaccination rate is behind the United States, so its economy recovery will also lag behind."

The largest percentage gainer in the Nikkei index was Isuzu Motors Ltd, which surged by 21.68% after issuing bullish profit forecasts for the current fiscal year.

IHI Corp gained 8.79% after the industrial equipment maker said it expects this fiscal year's operating profit to more than double.

Citizen Watch Co Ltd also rose 10.71% as investors cheered the company's latest earnings.

Another notable gainer was Toshiba Corp, whose shares rose 0.89% after the industrial conglomerate said it expects a 63% surge in annual operating profit this fiscal year.

Toshiba gave up some gains after one of its units said its European business was hit by a cyber attack.

The largest percentage losses in the index were Nippon Sheet Glass Co Ltd down 14.78%, followed by Toho Zinc Co Ltd losing 7.96%, and Oji Holdings Corp down by 6.48%. (Reporting by Stanley White, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CITIZEN WATCH CO., LTD. -1.38% 430 End-of-day quote.46.26%
IHI CORPORATION -0.62% 2734 End-of-day quote.33.56%
ISUZU MOTORS LIMITED 0.26% 1565 End-of-day quote.59.69%
NIPPON SHEET GLASS COMPANY, LIMITED 2.90% 674 End-of-day quote.41.89%
OJI HOLDINGS CORPORATION 0.77% 652 End-of-day quote.11.07%
TOHO ZINC CO., LTD. -1.87% 1943 End-of-day quote.-16.57%
TOSHIBA CORPORATION 1.28% 4760 End-of-day quote.64.99%
Latest news "Economy & Forex"
05:49pFOMC maintains stimulus, brings rate hike forecast forward to 2023
RE
05:35pThe WSJ Dollar Index Rises 0.84% to 86.32 -- Data Talk
DJ
05:35pEuro Lost 1.08% to $1.1997 -- Data Talk
DJ
05:35pSterling Lost 0.70% to $1.3987 -- Data Talk
DJ
05:35pDollar Gains 0.59% to 110.72 Yen -- Data Talk
DJ
05:24pUtilities Shares Sink After Fed Policy Update -- Utilities Roundup
DJ
05:22pCanadian dollar hits seven-week low as Fed plays catch-up with BoC
RE
05:19pTechnology Shares Fall as Fed Tweaks Rate Expectations -- Tech Roundup
DJ
05:15pFAA mandates Boeing 737 MAX inspections for key automated flight system
RE
05:07pCureVac fails in pivotal COVID-19 vaccine trial with 47% efficacy
RE
Latest news "Economy & Forex"