TOKYO, Dec 22 (Reuters) – Japanese shares fell three weeks on Tuesday, as investors plunged profits from stellar gains over the past couple of months over concerns that a new coronavirus strain discovered in Britain could worry put on a fast global economy. get over it.
The Nikkei average fell 1.04%, the biggest drop in about a month, to 26,436.39, the lowest level since the end of November. It fell below its 25-day moving average for the first time since the rally began after the U.S. elections in early November.
The overall Topix lost 1.56% to 1,761.12, with the 33 sub-indices in the sector on the Tokyo exchange coming in lower end.
The weakness may be compounded by concerns about the new coronavirus strain but profit ahead of the year-end holidays is a bigger factor, said Yasuo Sakuma, chief investment officer at Libra Investments. “I have already done this myself,” he said.
Fujifilm Holdings fell 6.0% after the Japanese Ministry of Health said its medical review board had determined that there were clinical trial data to test the effectiveness of the Avigan company’s COVID-19 drug candidate.
Oriental Land fell 2.6% after Nikkei business reported daily that official filings showed that Mitsui Fudosan reduced its duty at Tokyo operator Disney Resort.
The market was also tempered by rising concerns about domestic virus infections as Tokyo Governor Yuriko Koike on Monday urged 14 million residents of the capital to stay at home in the upcoming holiday season .
Rail and airline operators declined, with East Japan Railway down 2.1% and ANA Holdings falling 2.3%.
Oil-related stocks plummeted as crude prices fell following the news of the new virus strain. Inpex fell 5.0%, while Eneos Holdings lost 2.7%.
Mothers ’starting stock index fell 4.0%, falling certainly below its 100-day moving average, a bearish signal, to a three-month low. (Reporting by Hideyuki Sano, additional commentary by Tomo Uetake; Editing by Aditya Soni and Rashmi Aich)