Japan Market extends losses

29 Nov 2022 , 01:23 PM

Japan share market finished lower for third straight session on Tuesday, 29 November 2022, as risk sentiment dampened on tracking broadly negative cues from Wall Street overnight, with the losers led by exporters and technology stocks on fears over supply chain disruptions amid growing unrest in China. At closing bell, the 225-issue Nikkei Stock Average index declined 134.99 points, or 0.48%, to 28,027.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 11.34 points, or 0.57%, to 1,992.97. Total 23 of 33 TSE sectors declined, with Electric Power & Gas, Metal Products, Transportation Equipment, Electric Appliances, Pulp & Paper, and Pharmaceutical issues being notable losers. Unhappiness over Chinas strict Covid-19 restrictions has sparked a wave of nationwide protests not seen since pro-democracy rallies in 1989 were crushed, and security forces have since filled the streets of cities like Beijing and Shanghai. The unrest erupted after months of mounting frustration over tough coronavirus restrictions, pointing to public division over a hardline stance that has slowed the worlds second-biggest economy. Among individual shares, Eisai stocks plunged almost 10% after the pharma company reported a second death potentially linked to its experimental drug for Alzheimers disease developed with Biogen. ECONOMIC NEWS: The unemployment rate in Japan came in at a seasonally adjusted 2.6% in October, unchanged from the September reading, the Ministry of Internal Affairs and Communications said on Tuesday. The value of retail sales in Japan was up 4.3% on year at 13.082 trillion yen in October, following the upwardly revised 4.8% gain in September, the Ministry of Economy, Trade and Industry said on Tuesday. On a seasonally adjusted monthly basis, retail sales rose 0.2% – slowing from 1.5% in the previous month. CURRENCY NEWS: The dollar fetched 138.69 yen in Asian trade, against 138.87 yen in New York late Monday. Powered by Capital Market – Live News