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Company News

Foreigners net sellers of Japanese stocks for second straight week

Sept 17 (Reuters) - Foreign investors remained net sellers of Japanese equities last week on economic slowdown worries due to the coronavirus crisis and a broader global selloff in technology shares.

Data from Japanese exchanges showed foreigners were net sellers of stocks worth 333.28 billion yen ($3.18 billion) for the week ended Sept. 11, the biggest in six weeks.

They sold 444.06 billion yen in cash equities markets, but purchased 110.78 billion yen worth of derivatives.

Sell off in big global technology companies exacerbated last week, with U.S. tech heavy Nasdaq index shedding over 4% to mark its worst week since mid-March.

Japan’s SoftBank Group Corp slumped about 7.5% last week as investors fretted about the conglomerate’s exposure to U.S. tech stocks and their big bets on equity derivatives tied to tech firms.

However, Japan’s broader indexes - the Topix index and the Nikkei share average - rose about 1% each last week.

Japanese investors sold overseas equities worth a net 438.6 billion yen last week, marking their first net selling in four weeks, finance ministry data showed. ($1 = 104.8000 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Rashmi Aich

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