Sat, 28 Nov 2020

TOKYO, Oct. 20 (Xinhua) -- Tokyo stocks closed lower Tuesday on concerns a deal on a coronavirus-related stimulus package to help underpin the virus-hit U.S. economy may not be reached in enough time before the presidential election.

The 225-issue Nikkei Stock Average lost 104.09 points, or 0.44 percent, from Monday to close the day at 23,567.04.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, fell 12.24 points, or 0.75 percent, to finish at 1,625.74.

Trading here inherited a negative lead from Wall Street overnight as investor sentiment was dented by U.S. lawmakers still seemingly unable to find a way through an impasse regarding a much-need coronavirus-related stimulus package for the virus-hit U.S. economy.

Local brokers added that House of Representatives Speaker Nancy Pelosi's deadline set for Tuesday for the White House to reach a deal with Democrats was looking dicey in terms of the time needed for the legislation to be passed before the Nov. 3 presidential election.

"Tokyo shares moved in tandem with U.S. stock futures, which edged down due to stimulus uncertainty," Maki Sawada, vice president of the investment research and investor services department at Nomura Securities Co., was quoted as saying on the matter.

In a note of optimism, however, Pelosi wrote on Twitter that U.S. Treasury Secretary Steve Mnuchin and her had "continued to narrow their differences" in recent telephone talks.

By the close of play, land transportation, mining, and pulp and paper-oriented issues comprised those that declined the most.

As for land transportation issues losing ground, Central Japan Railway lost 3.4 percent, while the West Japan Railway fell 4.1 percent. East Japan Railway, meanwhile, ended the day 4.6 percent lower.

Japan Exchange Group retreated 1.5 percent, after reports the Financial Services Agency (FSA) is planning an on-site investigation of the Tokyo Stock Exchange following a malfunction recently that saw trade halted for an entire day.

The FSA, the reports said, may issue the Japan Exchange Group with a business improvement order.

Bucking the downward trend, however, Sony Corp. outperformed, climbing 1.83 percent by the close.

Issues that decline outpaced those that advanced by 1,593 to 536 on the First Section, while 51 ended the day unchanged.

On the main section on Tuesday, 923.69 million shares changed hands, rising from Monday's volume of 862.59 million shares.

The turnover on the second trading day of the week came to 1.734 trillion yen (16.426 billion U.S. dollars).

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