Nikki drops off before a long weekend

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A person wearing a muzzle passes an electronic screen displaying the Nikkei in Tokyo on March 2, 2020. Photo: Issey Kato – Reuters

TOKYO (Reuters) – Japanese stocks fell on Wednesday as investors reaped dividends before a long weekend, while high levels of Corona virus infection locally pressed major rail network operators.

The Nikkei fell 0.58 percent to 22751.61 points before the four-day weekend, which was supposed to coincide with the start of the Tokyo Olympics.

“The technology sector, which was beginning to recover even before the pandemic, remains a rising star in the market as a result of all the social changes caused by the virus,” said Hiroshi Watanabe, chief economist at Sony Financial Holding.

He continued, “On the other hand, dirt has been qualified for various personal services.”

The poor performance of railway stocks continued with the increase in cases of HIV infection, reflecting weak investor confidence in the government’s campaign to promote local tourism that started on Wednesday.

East Japan Railway fell 2.9 percent to its lowest level in seven years, while West Japan Railway Company lost 1.7 percent, falling to a level not seen since 2014.

Pharmaceutical stocks fell 1.5 percent, and Daiichi Sankyo lost 4.6 percent.

Prepared by Hala Kandil for the Arab Bulletin – Edited by Moataz Mohamed

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