Total 22 issues of 33 industry category of Topix index dived into negative territory, with Air Transportation, Transportation Equipment, Iron & Steel, Metal Products, and Marine Transportation issues being notable losers, while Mining, Insurance, Electric Power & Gas, and Oil & Coal Products issues were notable gainers.
Tokyo market commenced trading with firm footing, with sentiment brightened by the yen's weakening against the dollar, a Wall Street rebound overnight and New York crude oil futures' rally on the back of growing hopes for an oil output curb agreement between Saudi Arabia and Russia. The Tokyo market soon lost steam thereafter, as investors renewed their concerns over the coronavirus crisis in view of spikes in the number of people infected with virus in Japan, the United States and other parts of the world. Meanwhile, selling pressure built up after the Bank of Japan's Tankan survey showed worsening sentiment among major Japanese businesses fearful about the global economic fallout from the coronavirus crisis.
Crude oil-linked Inpex and Japex jumped 2.63% and 2.08%, respectively. Denka Co. skyrocketed 24.03%, thanks to the chemical firm's announcement that it will in May start producing an ingredient for Fujifilm Holdings Corp.'s Avigan influenza drug, now under a clinical trial to check its safety and efficacy in treating coronavirus patients. On the other hand, pub chain Torikizoku Co. plummeted by 14.85 pct and industry peer Kushikatsu Tanaka Holdings Co. by 9.78 pct, due to their decisions to halt business operations amid the virus scare.
CURRENCY: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 100.333 after crossing the 100 barrier yesterday. The Japanese yen, often seen as a safe-haven currency, traded at 108.07 per dollar after an earlier high of 107.79.
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