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Tokyo stocks close down for third straight session
TOKYO, Nov 21, 2019 (BSS/AFP) – Tokyo stocks fell for a third consecutive
session Thursday on revived concerns about a China-US trade deal after
American lawmakers approved legislation to support Hong Kong civil rights.
The benchmark Nikkei 225 index lost 0.48 percent, or 109.99 points, to
close at 23,038.58, while the broader Topix dipped 0.10 percent, or 1.73
points, to 1,689.38.
Tokyo stocks had opened lower following losses on Wall Street as US
lawmakers Wednesday approved legislation that supports human rights and
democracy in Hong Kong and also backs the territory’s anti-China protesters,
sending the measure opposed by Beijing to President Donald Trump.
“In addition to falls in US stocks, reports that US President Trump is
expected to sign legislation passed by the Congress are seen damping the
Japanese market,” Toshiyuki Kanayama, senior market analyst at Monex, said in
a note.
The bill requires the US president to annually review the favourable trade
position that Washington grants to Hong Kong, and threatens to revoke the
coveted status the semi-autonomous Chinese territory enjoys with the United
States if its freedoms are quashed.
The measure now heads to Trump, who has not said whether he will sign it.
“Negative news overwhelmed the positive,” said Shinichi Yamamoto, a broker
at Okasan Securities in Tokyo.
“But this week’s fall can be seen as a pause following the recent strong
buying sentiment,” Yamamoto told AFP. “Chances are still high that stocks
climb up again after a short break.”
The dollar fetched 108.58 yen in Asian afternoon trade, down from 108.62
yen as traders fled to the safe-haven Japanese currency on renewed concerns
over the trade deal.
In Tokyo, semiconductor-related shares were sharply lower, with chip-
making equipment manufacturer Tokyo Electron trading down 3.44 percent at
21,735 yen and chip-testing equipment maker Advantest off 3.88 percent at
5,200 yen.
Nissan fell 1.01 percent to 664 yen but Toyota rose 0.36 percent to 7,716
yen with Honda up 0.35 percent at 3,103 yen.
BSS/AFP/HR/1305