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July 12 (Reuters) – Japanese stocks fell on Tuesday, following gains from the previous consultation after the weekend’s space election, as emerging domestic cases of COVID-19 raised fears of a recession.
Shares had risen on Monday, outpacing the rest of the shares, as the Japanese government’s ruling coalition pulled back strongly.
Japan’s average Nikkei inventory fell 1. 68% to 26,362. 76 at the end of the morning trading session.
The index is down 2. 58% from the previous session’s high of 27,062. 17 and down 0. 58% since its close on Friday, when markets were rocked by the shooting of former Prime Minister Shinzo Abe.
A domestic stockbroker said the market was overbought on Monday despite the absence of positive external factors.
The broadest Topix 1. 46% on Tuesday.
“The peak of COVID-19 has increased fears of a global recession,” said a market player at a national securities firm.
“Given this situation, Japanese stocks, which are largely sensitive to the economy, will inevitably weaken. “
Japan reported 54,993 cases on Monday, according to official data, up from 16,791 the previous week.
Of the 225 parts of the Nikkei, 202 fell, two were flat and 21 won.
Technology and production weighed on the index, with electronics maker TDK falling the most, down 6. 12%.
Industrial robotics brands Fanuc Corp and Yaskawa Electric Corp also posted losses, as did SoftBank Group Corp and Casio Computer Co Ltd.
The only Nikkei sector to post gains in utilities, up 0. 43%.
Food company Nippon Suisan Kaisha Ltd is the most productive company in the index, with a gain of 3. 77%.
Video games Konami Group Corp and Nintendo Co Ltd also posted gains, up 2. 82% and 0. 49%, respectively.
(Reporting through Sam Byford and the Tokyo Markets team; editing through Amy Caren Daniel)