Tokyo stocks close lower after US falls

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Tokyo stocks closed lower on Tuesday, tracking Wall Street falls with risk-averse sentiment growing among investors over a fresh Covid-19 flare-up in China.

The benchmark Nikkei 225 index was down 1.77 percent, or 475.64 points, to end at 26,336.66, while the broader Topix index lost 1.64 percent, or 31.36 points, at 1,883.30.

Shares were pushed downwards by falls in the United States and Europe, where sell-offs proliferated “on concerns over a global economic downturn”, Okasan Online Securities said.

This, the brokerage said, “prompted a tendency toward profit-taking selling in Tokyo”. Economic slowdown concerns largely overshadowed any hopes for political stability sparked by the strong win of Japan’s ruling bloc in Sunday’s upper house election, analysts said.—AFP

 

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