Log in
E-mail
Password
Show 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

Nikkei sinks to one-month low on new virus variant, China tech crackdown news

11/26/2021 | 01:58am EST

TOKYO, Nov 26 (Reuters) - Japan's Nikkei slumped on Friday to its lowest level in a month as a new coronavirus variant found in South Africa raised an alarm, while the news that Beijing has asked Chinese hailing giant Didi to delist from New York also soured the mood.

The Nikkei average dropped 2.53% to 28,751.62, its lowest finish since Oct. 25, and posting its biggest daily fall in more than five months. The broader Topix fell 2.01% to a six-week closing low of 1,984.98.

For the week, the Nikkei lost 3.3%, while the Topix fell 2.9%, marking the biggest decline since the last week of September.

"The market's fundamentals have been weak as investors kept selling when the Nikkei got closer to 30,000," said Kazuharu Konishi, head of equities at Mitsubishi UFJ Kokusai Asset management.

"So, it easily got damaged by negative news, such as the one about the new virus variant. Although it might be too rough to conclude that today's declines were only due to the virus."

The variant, detected in South Africa, may be able to evade immune responses and has prompted Britain to hurriedly introduce travel restrictions on South Africa.

The news hit travel-related shares, which had been benefiting from a surge in domestic consumption due to successful containment of the virus, the hardest.

Topix airline shares index dropped 5.4% to a seven-month low while Topix land transport index, made up mainly of train operators, lost 2.9% to a one-year low.

ANA Holdings fell 4.5% after the airliner raised funds through a sale of convertible bonds, a move that highlighted the difficulty facing the industry.

Among railway operators, Keisei Electric Railway fell 6.3% to become the worst performer in the Nikkei.

Central Japan railway lost 3.3%, while Western Japan Railway shed 3.2%.

Softbank Group tumbled 5.2% after Bloomberg reported Chinese regulators have asked top executives of ride hailing giant Didi Global to devise a plan to delist from the New York Stock Exchange due to concerns about data security.

The Japanese conglomerate is a large investor in U.S.-listed Chinese tech firms, including Didi and Alibaba. (Reporting by Junko Fujita and Hideyuki Sano; Editing by Uttaresh V and Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 3.73% 2448 Delayed Quote.1.81%
CENTRAL JAPAN RAILWAY COMPANY 2.03% 15060 Delayed Quote.-1.86%
CITIZEN WATCH CO., LTD. -3.01% 484 Delayed Quote.-2.81%
FAST RETAILING CO., LTD. -0.37% 67390 Delayed Quote.3.18%
IHI CORPORATION -1.45% 2312 Delayed Quote.-0.17%
KEISEI ELECTRIC RAILWAY CO., LTD 3.48% 3125 Delayed Quote.0.48%
PACIFIC METALS CO LTD., 2.80% 2316 Delayed Quote.8.68%
SOFTBANK GROUP CORP. -0.72% 5487 Delayed Quote.0.98%
SUMITOMO OSAKA CEMENT CO., LTD. 0.99% 3565 Delayed Quote.0.85%
TAIHEIYO CEMENT CORPORATION 0.26% 2294 Delayed Quote.0.92%
TOPIX INDEX -0.59% 1927.18 Real-time Quote.-3.27%
WEST JAPAN RAILWAY COMPANY 2.75% 4930 Delayed Quote.2.49%
Latest news "Economy & Forex"
11:02aAs soldiers mutiny in Burkina Faso, government dismisses talk of coup
RE
11:02aAs soldiers mutiny in Burkina Faso, government dismisses talk of coup
RE
11:02aAs soldiers mutiny in Burkina Faso, government dismisses talk of coup
RE
10:49aMy 'Muslimness' was a problem, says sacked British minister
RE
10:49aMy 'Muslimness' was a problem, says sacked British minister
RE
10:46aGermany urges 'prudence' in potential sanctions against Russia over Ukraine
RE
10:35aTaiwan reports new large-scale Chinese air force incursion
RE
09:58aSanctioning Russia now over Ukraine would undercut deterrence - U.S.'s Blinken
RE
09:50aItaly's Berlusconi hospitalised in Milan since Thursday - source
RE
09:41aSoldiers mutiny in Burkina Faso
RE
Latest news "Economy & Forex"