Tokyo: Stocks erase gains as China virus fears offset tech earnings hopes

Japanese shares gave up early gains on Friday to trade little changed as fears over a rising death toll from the new coronavirus in China outweighed hopes of an improvement in earnings of technology companies.[TOKYO] Japanese shares gave up early gains on Friday to trade little changed as fears over a rising death toll from the new coronavirus in China outweighed hopes of an improvement in earnings of technology companies.

By 0159 GMT, the Nikkei index edged down 0.01 per cent to 23,792.01, heading for a 1 per cent weekly drop. The markets started on a positive note as information technology and industrial equipment stocks rose following better-than-expected sales and profit forecasts from US chipmaker Intel Corp. But investors turned cautious after China said the death count rose to 25 from the coronavirus, with 830 confirmed cases as of Jan 23 and as Chinese authorities placed two cities on lockdown to contain the virus.Investors are worried the virus will continue to spread as millions of Chinese travel during the week-long Lunar New Year holiday starting on Friday.

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