Tokyo stocks open lower on coronavirus worries

Tokyo stocks open lower on coronavirus worries

The dollar fetched 104.35 yen in early Asian trade, against 104.38 yen in London late Wednesday

Representative Image. Credit: AFP Photo

Tokyo stocks opened lower Thursday with the market lacking fresh leads after a mixed close on Wall Street and as rising coronavirus infections worldwide continuing to weigh.

The benchmark Nikkei 225 index was down 0.11 per cent or 30.16 points at 26,266.70 in early trade, while the broader Topix index edged down 0.40 per cent or 7.11 points to 1,760.56.

"Japanese shares are seen trading in a narrow range after a mixed US market, with a sense of overheating prevailing in the market" after rallies in previous sessions, said Toshiyuki Kanayama, senior market analyst at Monex.

"Concerns over a rise in the number of coronavirus infections at home and abroad are weighing on the market while hopes for vaccine development that could lead to normalisation of economic activities are seen supporting" the market, Mizuho Securities said.

The dollar fetched 104.35 yen in early Asian trade, against 104.38 yen in London late Wednesday.

In Tokyo, Toyota was down 0.97 per cent at 7,279 yen, Sony was off 0.56 per cent at 9,755 yen, and Sumitomo Mitsui Financial was down 0.44 per cent at 3,190 yen.

On Wall Street, the Dow finished 0.6 per cent lower at 29,872.47, and the broad-based S&P 500 retrenched 0.2 per cent while the tech-rich Nasdaq ended up 0.5 per cent.