Japanese Market Slightly Lower

(RTTNews) - The Japanese stock market is modestly lower on Monday, extending the sharp losses in the previous session, with the Nikkei 225 staying above the 28,700 level, following the strongly negative cues from Wall Street on Friday, on renewed concerns about the pace of the global economic recovery amid the detection of a new and possibly vaccine-resistant coronavirus variant in South Africa.

The market clawed back from early steep losses after the release of some upbeat retail sales data for the month of October.

The benchmark Nikkei 225 Index is down 9.13 points or 0.03 percent at 28,742.49, after hitting a low of 28,335.61 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is flat and Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Honda and Toyota are losing more than 2 percent each.

In the tech space, Advantest is gaining more than 2 percent, Screen Holdings is adding almost 3 percent and Tokyo Electron is up more than 1 percent. In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are losing almost 2 percent each, while Mizuho Financial is down more than 1 percent.

The major exporters are mixed, with Panasonic and Canon losing almost 2 percent, while Sony and Mitsubishi Electric are edging up 0.5 percent each.
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