Japanese shares drop

TOKYO: Japanese shares slumped on Tuesday, with weaker cyclical stocks outweighing gains in technology firms, as outbreaks of the highly contagious Covid-19 variant Delta raised concerns about a hindrance to global economic recovery.

The Nikkei share average fell 0.81% to 28,812.61, while the broader Topix lost 0.82% to 1,949.48. Pandemic concerns hit cyclical shares such as steelmakers, with Nippon Steel losing 3.8%. Department store chain operator Takashimaya dropped 4.7%, while rival Isetan Mitsukoshi shed 3.2%.

Decliners outnumbered advancers by a ratio of four to one. Shimamura gained 4.8% after the casual clothing chain reported a return to profits in the three months to May from a loss a year earlier.