Tokyo Shares Open Lower On Pandemic Fears

Tokyo shares open lower on pandemic fears

Tokyo, Aug 4 (UrduPoint / Pakistan Point News - 4th Aug, 2021 ) :Tokyo shares opened lower Wednesday on continued worries about coronavirus infections, despite overnight gains on Wall Street.

The Nikkei 225 index gave up 0.40 percent, or 110.38 points, to 27,531.45 in early trade, while the broader Topix index slipped 0.33 percent, or 6.44 points, to 1,924.70.

Tokyo began under water as Japan continues to see surging daily infection counts especially in the greater Tokyo region.

Regional governors have called on the public not to travel during the summer holidays, particularly asking those who live in urban hubs such as Tokyo not to visit their family elsewhere in a drive to reduce infection risks.

"Hopes were high that Japanese shares would receive support from gains of US shares, but the appreciation of the Yen and worries about coronavirus denting economic activities are weighing on the market," Okasan Online Securities said in a note to clients.

The Dollar stood at 108.98 yen, compared with 109.05 yen in New York Tuesday.

Overnight, the Dow added 0.8 percent, while the broad-based S&P 500 also gained 0.8 percent to close at a new all-time high of 4,423.15.

Investors are expected to take cues from corporate earnings, with Toyota and Sony Group slated to announce their results later in the day.

The auto giant gave up early gains and slipped 0.10 percent to 10,045 yen, while the media-electronics conglomerate dropped 3.19 percent to 11,080.

Nippon Steel soared 7.60 percent to 2,124 yen after it upgraded its annual outlook and expected to make a record high profit.