CM – Nikkei offsets early losses as travel-related stocks rebound


TOKYO, Oct. 29 / PRNewswire / – Japanese stocks rose Monday as travel-related stocks bounced back on losses on coronavirus containment fears and post ANA


forecast less than expected full year loss.

The Nikkei stock average


rose 0.24% to 29,089.48, recovering from previous losses of 0.43%. The wider Topix


rose 0.11% to 1,917.00.

Travel-related stocks led gains after falling sharply in recent weeks as investors closed their short positions in anticipation of social restrictions to mark the fourth wave of COVID-19 – Contain infections.

Japan on Friday declared a « short and powerful » state of emergency for Tokyo, Osaka and two other prefectures, according to which restaurants, bars and karaoke salons serving alcohol must be closed and major sporting events without Spectators must take place. Coronavirus-hit sectors are being bought back amid hopes that coronavirus infections will decline after the government declared an emergency, « said Takashi Hiroki, chief strategist at Monex Securities.

ANA Holdings


rose 5.4% after the airline announced that the full year operating loss would be lower than previously forecast. Business rose with Central Japan Railway


, West Japan Railway


and East Japan Railway


plus 3.9%, 3.4% and 2.7% respectively.

« Since the market is underperforming globally in part due to the increase in local infections, the market could be relieved if the new restrictions restrict infections even if it slows economic growth somewhat, « said John Vail, chief strategist at Nikko Asset Management.

On the other hand, M3


declined by up to 7.2% after the operator of the platform for medical portals announced positive quarterly results, but declined to provide an annual forecast for the current year.

M3 followed a pattern that in the last few sessions has been observed as the leading growth shares of the market like Yaskawa Electric


and Nidec


fell despite fairly positive gains.

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