Corona virus pushes Nikkei back

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The Japanese stock market started on Monday with a substantial loss in the last week of January. The fear that the outbreak of the corona virus in China is more difficult to contain than hoped and the rapidly rising death toll caused a negative mood. Companies in the tourism sector in particular were under pressure from the expectation that people will travel less because of the corona virus.

At least eighty people have died in China as a result of the corona virus. The number of infections has risen to more than 2,700. Japen has confirmed a fourth case of corona virus infection. Infections have also been found in South Korea, France, Canada, the United States, Thailand and other countries.

The main index in Tokyo, the Nikkei 225, eventually ended up 2 percent lower at 23,343.51 points, thereby relinquishing profit since the start of 2020. Oriental Land fell 7.8 percent. According to business newspaper Nikkei, the operator of the Tokyo Disney Resort will report a profit decrease in the first nine months of his financial year. Japan Airlines lost 3.9 percent. The Japanese makers of protection products and face masks were on the rise. Azearth and Airtech Japan increased 23.7 and 17.1 percent.

The stock exchanges in Shanghai, Hong Kong and Seoul were closed due to the celebration of the Chinese New Year. Investors also had a day off in Australia. In China, the stock markets remain closed until Thursday. In Hong Kong trading will take place again on Wednesday and in South Korea the market will open again on Tuesday.

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Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is [email protected]

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