REFILE-Japanese shares surrender early gains on coronavirus worries

  • Reuters
REFILE-Japanese shares surrender early gains on coronavirus worries

(Fixes language in lead of story)

TOKYO, July 17 (Reuters) - Japanese shares gave up early gains on Friday as the relentless spread of the coronavirus prompted some investor scepticism about a swift economic recovery.

The benchmark Nikkei share average .N225 was up 0.02% at 22,773.95 by the midday break, with 75 advancers against 148 decliners.

The broader Topix .TOPX added 0.05% to 1,579.90, with nearly a third of the 33 sector sub-indexes on the Tokyo exchange trading in positive territory.

Japanese stocks opened modestly higher, taking cues from E-Mini futures for the S&P 500 EScv1 , which gained 0.34% on COVID-19 vaccine and U.S. stimulus hopes. Stronger Shanghai shares also provided a tailwind for the market.

The market pulled back as investors worried about Japan's COVID-19 cases, which exceeded 600 on Thursday, the highest one-day increase in three months, with Tokyo registering more than 280. sectors, electric and gas .IEPNG.T , pharmaceutical .IPHAM.T , and information and telecoms .ICOMS.T were the three top gainers on the main bourse, up 1.18%, 0.93% and 0.82%, respectively.

Industrial conglomerate Hitachi Ltd 6501.T gained the most among the top 30 core Topix names, jumping 4.08% on a weaker yen.

Semiconductor-related shares also advanced after Taiwan Semiconductor Manufacturing Co Ltd 2330.TW posted a record quarterly net profit jump of 81% and forecast a revenue growth above 20% for this year. Corp 6857.T climbed 1.97%, while Screen Holdings Co Ltd 7735.T and Alps Alpine Co Ltd 6770.T added 1.89% and 1.42%, respectively.

The index of Mothers start-up market .MTHR dipped 1.94% to 983.37, a level unseen since July 6, with biotech AnGes 4563.T falling 5.61%.

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