TOKYO, Sept 23 (Reuters) - Japanese shares eased on Wednesday as the market caught up with the losses in global markets following the country's long weekend, weighed down by fears about rising coronavirus infections and a delay in U.S. fiscal stimulus.
Automakers and other value shares fell the most, but losses were capped as gaming companies and internet-related stocks outperformed on worries about the COVID-19 pandemic.
"There are worries that coronavirus infections could rise as the temperature cools down. In addition, investors worry about a delay in U.S. stimulus, given that it was the massive economic package that has supported the market," said Fumio Matsumoto, chief strategist at Okasan Securities.
The UK government tightened social restrictions to curb rises in COVID-19 cases, while many U.S. stimulus programmes have lapsed with the Congress unable to clinch another deal. that the economy could suffer from a fresh wave of infections without government support poured cold water on cyclical value shares, such as automakers.
Panasonic 6752.T fell 3.7% after Tesla Inc TSLA.O CEO Elon Musk said its highly anticipated new low-cost battery could take three years. the other hand, investors flocked to stay-at-home winners such as gaming companies. Bandai Namco 7832.T rose 3.4% and Cyber Agent 4751.T gained 6.0%.
Internet infrastructure companies also did well, with NTT Data 9613.T rising 3.4%.
Fujifilm 4901.T jumped 4.9% after the company said a late-stage study of its antiviral drug Avigan showed it was effective against COVID-19. furnishing store operator Shimachu 8184.T rose 17.4%, its daily limit, after local media reported rival DCM Holdings 3050.T was considering a tender offer for the firm.
DCM also rose 13.2% on hopes of consolidation.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.