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Foreigners' selling of Japanese stocks hits highest since mid-March last week

08/06/2020 | 03:01am

Aug 6 (Reuters) - Foreigners turned net sellers of Japanese equities last week after three straight weeks of purchases, marking their biggest net offload since mid-March on renewed concerns about rising coronavirus cases and its impact on economic recovery.

Overseas investors were net sellers of stocks worth 727.26 billion yen ($6.90 billion) in the week ended July 31, data from Japanese stock exchanges showed.

They sold a net 462.43 billion yen worth of shares in cash markets, and 264.83 billion yen worth of derivatives.

Japan's Nikkei index and Topix both plummeted more than 4.5% last week, marking their steepest decline since early April, as fresh daily COVID-19 cases spiked and dampened hopes of a swift economic rebound.

Dismal earnings results from several Japanese firms also dented investor sentiment. Canon Inc, Nissan Motor Co and Mitsubishi Motors Corp all reported quarterly loss.[nL3N2EZ28M ]

Meanwhile, Japanese investors offloaded overseas equities worth a net 919.3 billion yen, marking a fourth successive week of net selling, finance ministry data showed. ($1 = 105.4400 yen)

(Reporting by Gaurav Dogra, Patturaja Murugaboopathy; Editing by Subhranshu Sahu)

© Thomson Reuters 2020
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