Tokyo Stocks Down More Than 2% On Virus Worries

Tokyo stocks ended down more than two percent on Thursday as investors closely tracked headlines over the spreading coronavirus outbreak

Tokyo, (UrduPoint / Pakistan Point News - 27th Feb, 2020 ) :Tokyo stocks ended down more than two percent on Thursday as investors closely tracked headlines over the spreading coronavirus outbreak.

The benchmark Nikkei 225 fell 2.13 percent, or 477.96 points, to close at 21,948.23, while the broader Topix index dropped 2.37 percent, or 38.11 percent, to 1,568.06.

"There are concerns over the spread of new coronavirus infections. The first US case with no link to foreign travel also dampened investor sentiment," Okasan Online Securities strategist Yoshihiro Ito said in a commentary.

As Tokyo trade started, President Donald Trump told a news conference the US was prepared to escalate its response to the outbreak on a "much larger scale" should it continue to spread.

The Dollar was under pressure in Asian trade, fetching 110.03 Yen against 110.45 yen in New York late Wednesday.

The falls in Tokyo came as global stocks finished mixed, somewhat stabilising after two bruising sessions on worries about the spread of the coronavirus.

On Thursday, Japanese shares sensitive to economic conditions were broadly lower, with blue-chip exporters Toyota tumbling 2.13 percent to 7,384 yen and Sony 3.88 percent to 6,877 yen.

Crude oil developer and distributor Inpex dropped 3.21 percent to 958.5 yen, while Sumitomo Metal Mining lost 3.66 percent to 2,771.5 yen.