schema:articleBody
| - Tokyo stocks gave up early gains and closed lower on Wednesday, dragged down by SoftBank Group and other heavyweights. The Nikkei 225 fell 1.68 percent, or 284.98 points, to 16,726.55, though the broader Topix index closed up 0.19 percent, or 2.38 points, at 1,270.84. "The Nikkei was dragged down by heavy-priced components such as Fast Retailing and SoftBank Group," said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute. SoftBank Group plunged 10.89 percent to 3,246 yen on uncertainty over the finances of WeWork after a report that the IT investor may cut back on its planned bailout of the US-based co-working facilities provider. Clothing chain operator Fast Retailing dived 6.57 percent to 40,900 yen owing to Uniqlo store closures during the virus outbreak, Sengoku told AFP. The Topix index was firm, with investor sentiment propped up by hopes for purchases by the Bank of Japan, he said, adding investors were also expecting buying by public pension funds towards the end of the fiscal year. Fujifilm Holdings sky-rocketed after Chinese authorities said a drug produced by the company could be effective for treating coronavirus patients. The stock closed at 5,238 yen, up 15.42 percent, or the maximum allowable daily gain of 700 yen. Sony rose 2.72 percent to 5,992 yen but factory robot maker Fanuc lost 5.59 percent to 13,065 yen. Markets had opened higher, extending rallies on Wall Street as US and European governments signalled more stimulus measures to address the economic hit from the coronavirus. But they drifted lower in the afternoon. Investor sentiment took a hit as they saw sharp drops in US futures contracts, Okasan Online Securities said in a note. Investors also "tend to square positions ahead of a three-day weekend" in Japan, it said. Tokyo markets will be closed on Friday for a public holiday. The dollar fetched 106.94 yen, against 107.64 yen in New York late Tuesday. mis/sah/dan
|