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    8601   JP3502200003

DAIWA SECURITIES GROUP INC.

(8601)
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Delayed Japan Exchange  -  05/20 02:00:00 am EDT
616.00 JPY   +1.25%
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Japanese shares end 2% lower as Omicron fears, China rate cut weigh

12/20/2021 | 01:53am EDT

TOKYO, Dec 20 (Reuters) - Japanese shares closed sharply lower on Monday after a rate cut in China's lending benchmark failed to lift investor sentiment while the spread of the Omicron coronavirus variant continues to stoke worries over an economic slowdown worldwide.

The Nikkei share average lost 2.13% to close at 27,937.81 in its biggest percentage loss since Nov. 26. The broader Topix fell 2.17% to 1,941.33.

China cut its lending benchmark loan prime rate (LPR) for the first time in 20 months, in a bid to prop up growth in the slowing economy.

"China's rate cut was to help improve the economy but investors were concerned that its growth slowed that much so the country needed to cut rates," said Ikuo Mitsui, fund manager at Aizawa Securities.

"Investors, who had expected the market to rise towards the end of the year, also sold stocks as the market is moving to a different direction."

Sentiment had already weakened after the U.S. Federal Reserve said it would accelerate a tapering of its bond-buying stimulus to end the programme in March.

The Bank of England surprised markets by becoming the first major global central bank to raise interest rates since the pandemic hammered the global economy.

Concerns over the impact of the Omicron variant also dented risk appetite. The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries.

In Japan, all the 33 sector sub-indexes on the exchange fell, with brokerages leading the decline.

Online financial group SBI Holdings tumbled 6.7% as an activist investor group sold all of their stake in Shinsei Bank to SBI, which gained the control of the bank.

The investor could have remained as a shareholder and demanded SBI to boost Shinsei's value, a market participant said. Shinsei Bank shares also tumbled 8.36%.

Shares of SBI's peers slipped with Nomura Holdings losing 5.96% and Daiwa Securities dropping 4.49%.

(Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIWA SECURITIES GROUP INC. 1.25% 616 Delayed Quote.-5.04%
NIKKEI 225 1.27% 26739.03 Real-time Quote.-7.13%
NOMURA CO., LTD. 3.95% 895 Delayed Quote.-6.09%
NOMURA HOLDINGS, INC. 1.55% 486.1 Delayed Quote.-3.11%
SBI HOLDINGS, INC. 3.33% 2548 Delayed Quote.-18.72%
SHINSEI BANK, LIMITED -0.34% 2037 Delayed Quote.8.76%
TOPIX INDEX 0.93% 1877.37 Delayed Quote.-5.77%
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Financials
Sales 2022 603 B 4 718 M 4 718 M
Net income 2022 98 282 M 769 M 769 M
Net Debt 2022 - - -
P/E ratio 2022 9,40x
Yield 2022 5,42%
Capitalization 914 B 7 146 M 7 146 M
Capi. / Sales 2022 1,51x
Capi. / Sales 2023 1,64x
Nbr of Employees 15 096
Free-Float 82,2%
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 616,00 JPY
Average target price 654,00 JPY
Spread / Average Target 6,17%
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Managers and Directors
Seiji Nakata Executive President, CEO & Representative Director
Eiji Sato CFO & Managing Executive Officer
Takashi Hibino Director, Head-personnel & Legal Affairs
Tomoyuki Murase Managing Executive Officer
Toshihiro Matsui COO, Director & Representative Executive VP
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