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| - Tokyo stocks closed sharply lower on Thursday with investors discouraged by the further spread of the new coronavirus. The benchmark Nikkei 225 index tumbled 1.72 percent, or 401.65 points, to 22,977.75, while the broader Topix index fell 1.48 percent, or 25.18 points, to 1,674.77. The stock market was already prone to drops in January after it rallied towards the year-end in 2019, noted Mutsumi Kagawa, chief global strategist at Rakuten Securities. "Then the new strain of the coronavirus came... We are bound to see negative impacts as the virus spreads," he told AFP, adding Chinese consumption and manufacturing activities would be affected. "Volatility will remain high in the coming month, with prices weighed down by investor caution over where the market will go." But Kagawa argued the market could turn up by March. "The market will likely calm down" thanks to solid economic fundamentals after the US-China trade deal and availability of investment money due to accommodative policies by central banks, he said. The World Health Organization on Wednesday warned all governments to "take action" over the deadly SARS-like disease. Hundreds of foreigners have been evacuated from the epicentre of the outbreak, including more than 400 Japanese. The contagion has spread to more than a dozen countries, with Finland and the United Arab Emirates becoming the latest to report their first cases. The WHO has called an urgent meeting for Thursday over whether the viral epidemic should be declared a global health emergency -- a designation that could lead to increased international coordination. The Japanese government faced criticism for the country's minimal quarantine measures as the number of infections rose to 11 cases. Unitika, which makes materials for surgical masks and other medical supplies, jumped 15.58 percent to 393 yen. Airlines fell with Japan Airlines ending down 0.83 percent at 3,101 yen and ANA Holdings down 1.96 percent at 3,396 yen. At the closing bell, ANA Holdings reported its net profit for the nine months to December fell some 19 percent year-on-year as international cargo demand slowed amid US-China trade tensions. The group also said personnel, aircraft and maintenance costs increased while leaving unchanged full-year forecasts for drops of some 15 percent in operating and net profits. Blue-chip exporters fell across the board, with Canon dropping 5.30 percent to 2,875 yen, Sony slipping 2.14 percent to 7,667 yen, and Toyota sliding 1.69 percent to 7,634 yen. The dollar fell to 108.89 yen from 109.04 yen in New York on Wednesday afternoon. mis/sah/qan
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