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Nikkei sinks to one-month low on new virus variant, China tech crackdown news

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TOKYO, Nov 26 (Reuters) – Japan’s Nikkei slumped on Friday to its lowest level in a month as a new coronavirus variant found in South Africa raised an alarm, while the news that Beijing has asked Chinese hailing giant Didi (DIDI.N) to delist from New York also soured the mood.

The Nikkei average (.N225) dropped 2.53% to 28,751.62, its lowest finish since Oct. 25, and posting its biggest daily fall in more than five months. The broader Topix (.TOPX) fell 2.01% to a six-week closing low of 1,984.98.

For the week, the Nikkei lost 3.3%, while the Topix fell 2.9%, marking the biggest decline since the last week of September.

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“The market’s fundamentals have been weak as investors kept selling when the Nikkei got closer to 30,000,” said Kazuharu Konishi, head of equities at Mitsubishi UFJ Kokusai Asset management.

“So, it easily got damaged by negative news, such as the one about the new virus variant….

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