Tokyo Stocks Close Lower On US Falls

Tokyo stocks edged lower on Tuesday as bargain-hunting purchases failed to fully offset losses in early trade following a rout on Wall Street

Tokyo, (UrduPoint / Pakistan Point News - 27th Oct, 2020 ) :Tokyo stocks edged lower on Tuesday as bargain-hunting purchases failed to fully offset losses in early trade following a rout on Wall Street.

The benchmark Nikkei 225 index ended down 0.04 percent, or 8.54 points, at 23,485.80 while the broader Topix index was down 0.09 percent, or 1.45 points, at 1,617.53 at the close.

"The Japanese market is led by sell orders with investors discouraged by sharp falls in US shares," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

"With a record number of new infections on October 23 in the US, worries are growing among investors" prompting position-adjustment selling, he said.

Some investors, however, sought to buy shares that had fallen, supporting the downside, he said in the afternoon.

The Dollar fetched 104.69 Yen in Asian trade, against 104.84 yen in New York late Monday.

In Tokyo, ANA Holdings dropped 3.17 percent to 2,290 yen ahead of its second quarter earnings report and details on restructuring plans.

After the closing bell, ANA said it forecasts a record annual loss of 510 billion yen ($4.87 billion) for the current financial year to March.

Its rival JAL plunged 4.27 percent to 1,949 yen.

Nissan Motor was down 1.61 percent at 384.7 yen despite reports it will boost production in China by 30 percent next year.

Its rival Honda was down 1.74 percent at 2,540 yen while Toyota was down 0.41 percent at 6,961 yen.

But Panasonic ended up 0.40 percent at 911.2 yen and Sony closed up 1.03 percent at 8,100 yen.