TOKYO, Nov 22 (Reuters) - Japanese stocks fell on Monday, tracking the Dow's losses at the end of last week amid renewed coronavirus concerns, while chip-related shares followed their U.S. peers higher.
The Nikkei share average (.N225) fell 0.23% to 29,677.95 by the midday break, while the broader Topix (.TOPX) slipped 0.34% to 2,037.59.
Pandemic jitters sent the Dow Jones Industrial Average (.DJI) to its fourth losing session in five on Friday, while the tech-heavy Nasdaq Composite Index (.IXIC) surged.
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"Investor sentiment was weighed down by the Dow's decline, which was hurt by concerns over the resurgence of COVID-19," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
"The hurdle for the Nikkei to climb over the 30,000 level is getting higher as investors seem to be under pressure to sell stocks when the Nikkei moves closer to that level."
Oil explorers (.IMING) led the declines as COVID-19 worries sent oil prices lower, with Inpex (1605.T) losing 5.09% and Japan Petroleum Exploration (1662.T) slipping 0.97%.
Shares that would benefit from an economic reopening fell, with airlines (.IAIRL.T) shedding 1.66% and railways (.IRAIL.T) losing 0.77%.
Chip-related shares rose, with Advantest (6857.T) and Tokyo Electron (8035.T) up 1.25% and 0.25%, respectively.
Japan Steel Works (5631.T) rose 4.87% and was the biggest percentage gainer on the Nikkei, followed by Nippon Electric Glass Co Ltd (5214.T), up 3.98%, and Nippon Sheet Glass (5202.T), which climbed 3.37%.
Among the biggest percentage losers, Nissan Motor (7201.T) fell 2.99% and Ricoh (7752.T) dropped 2.89%.
There were 78 advancers on the Nikkei index against 140 decliners.
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Editing by Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.
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November 22, 2021 at 10:15AM
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