Japanese stocks fell, recording their worst decline in 3 months

ILUSTRASI. Tokyo Stock Exchange

Source: Reuters | Editor: Yudho Winarto |

KONTAN.CO.ID – TOKYO. Japanese stock markets posted their worst weekly decline in three weeks on Friday (30/10). Pressured by the increasing cases of the corona virus and the uncertainty of the presidential election of the United States (US).

The Nikkei 225 index ended down 1.52% to 22977.13. The index is down 2.3% this week, the biggest weekly loss since July 31.

The Topix index closed 1.96% lower at 1,579.33 and down 2.83% for the week.

A spike in coronavirus cases in Europe and the US has shaken investor confidence this week. France and Germany are resuming lockdowns – policies that have raised concerns over the global economic recovery.

The increased risk of an inconclusive outcome for the US elections on November 3 and the sharp decline in US stock futures during the Asian session also prompted investors to cut positions. buy, say analysts.

Also Read: Australian Stock Exchange recorded its worst week since April

“The future decline in the US is a sign that it is time to take profits before the election,” said Kiyoshi Ishigane, fund manager at Mitsubishi UFJ Kokusai Asset Management Co.

“But I’m not too worried because there are some good Japanese corporate earnings out there.”

Leading the losses in the Nikkei index, shares of Kyocera Corp fell 9.95%, followed by Oki Electric Industry Co Ltd losing 7.03%, and trading company Mitsui & Co Ltd down 6.32%. All companies posted disappointing earnings.

Conversely, the largest percentage of profits are companies that report positive profits. Advantest Corp. rose 9.24%, followed by Seiko Epson Corp., up 6.83%, and Panasonic Corp., up 4.94%.

Panasonic got another boost after saying it would develop a new battery for electronics car maker Tesla Inc.