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Nikkei ticks down on virus and stimulus worries after long weekend

09/23/2020 | 02:52am EDT

TOKYO, Sept 23 (Reuters) - Japanese shares eased on Wednesday as the market caught up with the losses in global markets following the country's long weekend, weighed down by fears about rising coronavirus infections and a delay in U.S. fiscal stimulus.

Automakers and other value shares fell the most, but losses were capped as gaming companies and internet-related stocks outperformed on worries about the COVID-19 pandemic.

The Nikkei share average shed 0.06% on its first trade since Friday to 23,346.49. The broader Topix was down 0.13% at 1,644.25.

"There are worries that coronavirus infections could rise as the temperature cools down. In addition, investors worry about a delay in U.S. stimulus, given that it was the massive economic package that has supported the market," said Fumio Matsumoto, chief strategist at Okasan Securities.

The UK government tightened social restrictions to curb rises in COVID-19 cases, while many U.S. stimulus programmes have lapsed with the Congress unable to clinch another deal.

Concerns that the economy could suffer from a fresh wave of infections without government support poured cold water on cyclical value shares, such as automakers.

The Topix value index lost 0.70%, compared with a 0.34% gain in growth shares.

Suzuki Motor declined 3.6%, while Honda Motor and Nissan Motor dropped 2.8% and 3.2%, respectively.

Panasonic fell 3.7% after Tesla Inc CEO Elon Musk said its highly anticipated new low-cost battery could take three years.

On the other hand, investors flocked to stay-at-home winners such as gaming companies. Bandai Namco rose 3.4% and Cyber Agent gained 6.0%.

Internet infrastructure companies also did well, with NTT Data rising 3.4%.

Fujifilm jumped 4.9% after the company said a late-stage study of its antiviral drug Avigan showed it was effective against COVID-19.

Home furnishing store operator Shimachu rose 17.4%, its daily limit, after local media reported rival DCM Holdings was considering a tender offer for the firm.

DCM also rose 13.2% on hopes of consolidation. (Reporting by Hideyuki Sano; Editing by Shounak Dasgupta and Devika Syamnath)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANDAI NAMCO HOLDINGS INC. -3.88% 7956 End-of-day quote.-10.87%
CYBERAGENT, INC. 2.03% 2208 End-of-day quote.24.22%
DCM HOLDINGS CO., LTD. 0.10% 1051 End-of-day quote.-10.86%
FUJIFILM HOLDINGS CORPORATION 0.69% 7860 End-of-day quote.44.54%
HONDA MOTOR CO., LTD. -0.03% 3584 End-of-day quote.24.55%
NIKKEI 225 0.96% 29441.3 Real-time Quote.5.48%
NISSAN MOTOR CO., LTD. 1.18% 555.3 End-of-day quote.-0.84%
NTT DATA CORPORATION -0.92% 1727 End-of-day quote.22.40%
OKASAN SECURITIES GROUP INC. -0.23% 426 End-of-day quote.13.60%
PANASONIC CORPORATION 1.12% 1260 End-of-day quote.5.84%
SUZUKI MOTOR CORPORATION -0.55% 4734 End-of-day quote.-1.00%
TESLA, INC. 1.28% 617.69 Delayed Quote.-12.47%
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