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    N225   JP9010C00002

NIKKEI 225

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Japanese stocks slip as economy shrinks at record rate on pandemic hit

08/17/2020 | 02:26am EDT

TOKYO, Aug 17 (Reuters) - Japanese stocks fell on Monday by the most in over two weeks after data showed the country's economy shrank at a record pace in the second quarter as the COVID-19 pandemic crimped consumer spending. Investors took the data in their stride and locked in profits as the economy slowly emerges from lockdowns. Markets did not react to a domestic media report that Prime Minister Shinzo Abe has entered hospital for an examination.

Industrial and healthcare stocks pulled down the Nikkei 225 Index 0.83% to 23,096.75, its biggest one-day fall since July 31. The broader Topix was down 0.84%.

Some investors sold shares of companies that recently reported favourable earnings. Others booked profits on companies in health care and technology that have risen sharply due to expectations that these sectors would benefit from the pandemic.

"The stock market could take some time to catch its breath, because it has already priced in a lot of positive factors," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co.

"I don't expect a big sell off. Countries have been able to balance containing the virus without restricting economic activity."

The underperformers among the top 30 Topix names were job placement company Recruit Holdings Co Ltd, down 3.17%, followed by drugs maker Daiichi Sankyo Co Ltd, losing 2.21%.

The Topix 30 stocks that gained the most were industrial conglomerate Hitachi Ltd, up 1.15%, followed by Honda automaker Motor Co Ltd, gaining 0.7%.

There were 44 advancers on the Nikkei index against 173 decliners.

The volume of shares traded on the Tokyo Stock Exchange's main board was 0.82 billion, compared with the average of 1.22 billion in the past 30 days. (Reporting by Stanley White; Editing by Arun Koyyur and Aditya Soni)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CITIZEN WATCH CO., LTD. -0.71% 418 End-of-day quote.42.18%
CONCORDIA FINANCIAL GROUP, LTD. 0.71% 427 End-of-day quote.17.63%
DAIICHI SANKYO COMPANY, LIMITED -1.31% 2443 End-of-day quote.-30.89%
DENTSU GROUP INC. -0.13% 3925 End-of-day quote.28.06%
HITACHI, LTD. -0.48% 6158 End-of-day quote.51.49%
HONDA MOTOR CO., LTD. 1.38% 3531 End-of-day quote.22.71%
NIKKEI 225 0.00% 28875.23 Real-time Quote.5.21%
NINTENDO CO., LTD. 0.51% 64410 End-of-day quote.-2.16%
NIPPON LIGHT METAL HOLDINGS COMPANY, LTD. 1.64% 1864 End-of-day quote.-2.51%
NISSAN MOTOR CO., LTD. 0.71% 542.6 End-of-day quote.-3.11%
RECRUIT HOLDINGS CO., LTD. -0.40% 5525 End-of-day quote.27.86%
SANKYO CO., LTD. 1.28% 2847 End-of-day quote.2.04%
Z HOLDINGS CORPORATION -0.32% 557.1 End-of-day quote.-10.78%
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