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TOKYO: Tokyo stocks ended down on Tuesday with investors concerned about the spread of Covid-19 in China and its impact on the economy, despite overnight rallies on Wall Street.

The benchmark Nikkei 225 index ended down 0.94 percent, or 253.38 points, at 26,748.14 while the broader Topix index slipped 0.86 percent, or 16.31 points, to 1,878.26.

The dollar was at 127.69 yen, compared with 127.90 yen seen Monday in New York.

The market succumbed to pressure from profit taking, despite the strong closes on Wall Street.

“Investors turned wary after seeing falls of Chinese shares while US futures contracts also headed south,” Okasan Online Securities said in a note.

Tokyo stocks open higher extending US gains

Concerns remain over the spread of Covid-19 in China, with fears that Beijing may resort to robust containment steps, said Taylor Nugent of National Australia Bank.

“On the other hand, there was also news that China plans additional support for the economy,” he added in a note. Some investors sold shares to cut their losses after sharp drops in recent days.

Growth stocks were particularly sold down, which led to the Nikkei’s losses throughout the day, SMBC Nikkei Securities said.

Among major shares, Nintendo eased 0.12 percent to 59,740 yen. SoftBank Group fell 1.61 percent to 5,191 yen, and Uniqlo operator Fast Retailing slipped 0.98 percent to 59,860 yen.

Toyota fell 0.56 percent to 2,050 and Sony dropped 0.70 percent to 11,370 yen.

Some banking shares gained after their Wall Street peers rallied. Mitsubishi UFJ Financial Group rose 0.69 percent to 739.0 yen but Nomura Holdings eased 0.20 percent to 489.2 yen.

Shipping firm Nippon Yusen added 1.27 percent to 10,370 yen.

Air carrier ANA Holdings ticked up 0.20 percent to 2,516.0 yen and Japan Airlines climbed 1.07 percent to 2,269 yen.

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