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Budget News

  • Japan Market extends losses amid tensions with China
  • May 22,2020  16:00
  • Japan share market finished lower for second straight session on Friday, 22 May 2020, as risk sentiments was hit on tracking weak lead from Wall Street overnight amid renewed tensions between the US and China and after China's plans to impose a new security legislation on Hong Kong.

    At closing bell, the 225-issue Nikkei Stock Average declined 164.15 points, or 0.80%, to 20,388.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange slipped 13.41 points, or 0.9%, at 1,477.80.

    Total 30 issues of 33 industry category of Topix index ended in negative territory, with Mining, Marine Transportation, Iron & Steel, Nonferrous Metals, Insurance, and Banks issues being notable losers, while Air Transportation and Other Financial Business issues were notable gainers.

    The Tokyo market on the back foot amid renewed tensions between the US and China after the US Senate passed a bill aiming to delist Chinese companies from American exchanges. The Senate passed a bill aiming to delist Chinese companies from American exchanges. Lawmakers and the White House have repeatedly raised concerns about US-listed firms that may be under Chinese government control or receiving capital from state funds. That measure was passed after President Donald Trump said in a tweet that the “incompetence of China” caused “this mass Worldwide killing,” referring to the coronavirus.

    Market participants closely watched the opening session of China's National People's Congress, postponed from early March due to the virus pandemic, to see whether any policy would be announced that could further strain ties between the world's two largest economies.

    Also weighing on sentiment was Beijing's plan to discuss a national security law for Hong Kong at the session to crack down on what it sees as subversive activity in the territory. The move drew a warning from US President Donald Trump, who said the United States would react very strongly against it.

    Shares of SoftBank Group Corp advanced as the tech conglomerate said it plans to sell 5% of its domestic telco SoftBank Corp as part of a programme to raise $41 billion through asset sales.

    Skylark Holdings shares slid after the restaurant chain operator cut its mid-year dividend estimate to zero, citing the need to preserve cash amid the coronavirus crisis.

    CURRENCY: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 99.77 after seeing a decline this week from levels above 100. The Japanese yen traded 107.48 per dollar, off lows around 108 seen earlier in the trading week.

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