Tokyo Stocks Open Lower On Virus Woes

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened

Tokyo, (UrduPoint / Pakistan Point News - 22nd Jan, 2020 ) :Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened.

The benchmark Nikkei 225 index edged down 0.06 percent or 15.46 points to 23,849.10 in early trade while the broader Topix index was down 0.08 percent or 1.45 points at 1,733.52.

"Selling will likely lead trading today due to drops in US stocks, and fears over the spread of the coronavirus," Okasan Online Securities chief strategist Yoshihiro Ito said in a note.

Wall Street stocks retreated from records Tuesday, with tourism stocks falling due to worries about the virus, and Boeing shares hammered by the latest delay to its crisis-hit 737 MAX jet.

Ito added that the downtrend particularly in Asia and Europe "could drag on" amid concerns that the virus will spread during the Lunar New Year holidays.

Heavy selling hit Mitsubishi Motors after German prosecutors searched business premises linked to the group as part of an investigation into suspected diesel emissions cheating.

Mitsubishi Motors stock was down 4.62 percent at 433 Yen while Nissan, which forms a three-way alliance with Mitsubishi and France's Renault, lost 1.0 percent to 628 yen.

Some department store operators fell on fears that the new virus may hurt travel demand. Isetan Mitsukoshi Holdings dropped 1.16 percent to 933 yen and J.Front Retailing was down 1.56 percent at 1,451 yen.

The Dollar was trading at 109.89 yen against 109.83 yen in New York Tuesday afternoon.