REFILE-Japanese shares recoup as Apple regains some lost ground

  • Reuters
  • Stock Market News
REFILE-Japanese shares recoup as Apple regains some lost ground
Credit: © Reuters.

(Refiles to correct day of week in the lead to Wednesday, not Tuesday)

TOKYO, Feb 19 (Reuters) - Japanese shares bounced back on Wednesday as sentiment improved slightly after Wall Street's major indexes closed off their lows and Apple trimmed its losses stemming from a sales warning, although the health crisis in China remained an overhang.

Investors are cautious as the coronavirus epidemic could tip the Japanese economy, already hit by sales tax hike last October, into a recession.

The Nikkei share average .N225 rose 0.71% to 23,359.60 while the broader Topix .TOPX recovered from the four-month closing low it hit on Tuesday to gain 0.54%.

Semi-conductor shares and electronic parts makers, which led the slump on Monday following the warning from Apple AAPL.O , clawed back some losses.

Apple supplier Murata manufacturing 6981.T rose 2.6%, while Shin-etsu Chemical 4063.T gained 1.7%.

Sumco 3436.T , which announced a share buyback, rose 3%, while Advantest 6857.T climbed 2.6%.

Drugmakers continued to outperform, with TSE's pharmaceutical subindex rising 1.3%

Chugai Pharmaceutical 4591.T advanced 3.4%, while Daiichi Sankyo 4568.T gained 2.9%.

Value shares, such as banks, steelmakers and constructors, were trading lower.

Topix value index .TOPXV dipped 0.08%, compared with a 0.57% rise in Topix growth .TOPXG .

Among banks, Sumitomo Mitsui Financial Group 8316.T dropped 0.7%, while Mitsubishi UFJ Financial Group 8306.T fell 0.6%, hurt by a fall in global bond yields amid worries about the virus.

Ministop 9946.T fell 2.9% after the convenience store operator downgraded its earnings outlook sharply, saying it expects an operating loss instead of its previous outlook of a profit.

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