By Reuters Staff
2 Min Read
TOKYO, June 29 (Reuters) - Japanese shares slumped on Tuesday, with weaker cyclical stocks outweighing gains in technology names, as outbreaks of the highly contagious COVID-19 variant Delta raised concerns about a recovery in the global economy.
The Nikkei share average fell 0.94% to 28,774.35 by 0208 GMT, while the broader Topix lost 0.90% to 1,948,03.
“Investors are selling Japanese cyclical shares after losses in the Dow and European stocks. Since Japan does not have stocks that are equivalent to GAFA shares, the market is not taking advantage of the Nasdaq’s robust finish overnight,” said Soichiro Matsumoto, chief investment officer Japan at Credit Suisse Private Banking.
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