Japan stocks extend falls on fears of new restrictions

  • Reuters
  • Stock Market News
Japan stocks extend falls on fears of new restrictions
Credit: © Reuters.

TOKYO, Nov 20 (Reuters) - Japanese stocks fell for a third consecutive session on Friday as a rise in new domestic coronavirus infections to record highs fuelled concerns that officials will place new restrictions on business activity.

The Nikkei 225 index .N225 declined 0.49% to 25,508.93 by 0205 GMT. The broader Topix .TOPX was down 0.15% at 1,723.84.

The Nikkei hit a 29-year high on Tuesday as optimism about progress in developing a coronavirus vaccine lifted equities.

The optimism, however, faded quickly as a sharp increase in coronavirus cases suggests Japan's economy could weaken before a vaccine becomes widely available. For the week, the Nikkei was on course for a 0.5% increase. in the United States and Europe are placing new restrictions to slow another wave of virus infections, which is an additional reason to pocket profits on the rally in global stocks from March lows, analysts say.

The underperformers among the Topix 30 were Daikin Industries Ltd 6367.T , down 3.10%, followed by Tokio Marine Holdings Inc 8766.T , down 2.70%.

Air conditioner maker Daikin took a hit after the Nikkei newspaper reported that electric vehicle maker Tesla TSLA.O was considering making air conditioners for homes.

The stocks that gained the most among the top 30 core Topix names were SoftBank Group Corp 9984.T , up 2.57%, followed by Murata Manufacturing Co Ltd 6981.T , up 1.45%.

Hitachi Metals Ltd 5486.T jumped by 9.59% after Nikkei reported that its parent Hitachi Ltd 6501.T had begun accepting bids for the metals company. were 68 advancers on the Nikkei index against 154 decliners.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.44 billion, compared to the average of 1.15 billion in the past 30 days.

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