Tokyo stocks fall to 1-1/2-week low on worse-than-expected GDP

  • Reuters
  • Stock Market News
Tokyo stocks fall to 1-1/2-week low on worse-than-expected GDP
Credit: © Reuters.

TOKYO, Feb 17 (Reuters) - Japanese shares slid to a 1-1/2-week low on Monday, hurt by a weaker-than-expected gross domestic product (GDP) reading for the December quarter, while worries about the economic impact of the coronavirus epidemic continued to weigh on the market.

The Nikkei average .N225 fell 0.6% to 23,537.03 by the midday break, its lowest level since Feb. 5, while the broader Topix .TOPX dropped 0.9% to 1,688.29, also a 1-1/2-week low.

All but two of the 33 sector sub-indexes on the Tokyo Stock Exchange were trading lower, with air transport .IAIRL.T , sea transport .ISHIP.T and metal products .IMETL.T being the worst three performers.

Japan's economy contracted at an annualised pace of 6.3% in October-December period, shrinking at the fastest pace in almost six years, government data showed, highlighting a fragile outlook made worse by growing coronavirus risks. Economists' median estimate was for a 3.7% contraction. all knew that the figures were going to be weak, but the actual numbers were still shocking," traders said.

Denting sentiment further were fears about a global economic fallout from the virus, with new cases in mainland China rising to 2,048 as on Sunday from 2,009 the previous day. stocks, Kirin Holdings Co Ltd 2503.T tumbled 7.3% after the brewer posted a net profit of 59.6 billion yen ($543 million) for the year-ended December, down 63.7% from a year earlier. The firm also opposed a UK-based activist's proposal to buy treasury shares worth 600 billion yen. Motor Co Ltd 7201.T slid 2.0% to its lowest in nearly 11 years, after losing 9.6% on Friday, as its French partner Renault RENA.PA posted its first annual loss in a decade. = 109.8200 yen)

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