TOKYO, Feb 25 ― Tokyo stocks dropped more than 3.5 per cent at the open today, tracking falls on global markets as fears mounted that the new coronavirus outbreak will derail economic growth.
The benchmark Nikkei 225 index sank 3.58 per cent or 836.57 points to 22,550.17 in early trade, while the broader Topix index was down 3.53 per cent or 59.07 points at 1,614.93.
“Concerns over the new coronavirus remain in the Japanese market, and rapid falls are seen following losses on the global market,” Okasan Online Securities' chief strategist Yoshihiro Ito said in a commentary.
The sharp drop came after Wall Street stocks finished with steep losses yesterday over the virus. The Japanese market was closed yesterday for a national holiday.
Japan's geographical proximity to and its economic ties with China exacerbated worries over the virus's impact on the world's third-largest economy, analysts said.
The dollar fetched ¥110.91 (RM4.21) in early Asian trade, against ¥110.71 in New York yesterday.
In Tokyo, major shares dropped sharply, with Sony losing 3.82 per cent to ¥7,190, Panasonic falling 3.64 per cent to ¥1,151.5, Toyota trading down 3.55 per cent at ¥7,557 and Honda off 3.32 per cent at ¥2,936.5.
On Wall Street, the Dow ended down 3.6 per cent at 27,960.80. ― AFP
