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Foreigners' selling of Japanese stocks hits highest since mid-March last week

(Reuters) - Foreigners turned net sellers of Japanese equities last week after three straight weeks of purchases, marking their biggest net offload since mid-March on renewed concerns about rising coronavirus cases and its impact on economic recovery.

FILE PHOTO: A visitor wearing protective face mask, following an outbreak of the coronavirus, walks past in front of a stock quotation board outside a brokerage in Tokyo, Japan March 2, 2020. REUTERS/Issei Kato

Overseas investors were net sellers of stocks worth 727.26 billion yen ($6.90 billion) in the week ended July 31, data from Japanese stock exchanges showed.

(GRAPHIC - Foreign flows into Japanese stocks: )

They sold a net 462.43 billion yen worth of shares in cash markets, and 264.83 billion yen worth of derivatives.

Japan's Nikkei index .N225 and Topix .TOPX both plummeted more than 4.5% last week, marking their steepest decline since early April, as fresh daily COVID-19 cases spiked and dampened hopes of a swift economic rebound.

Dismal earnings results from several Japanese firms also dented investor sentiment. Canon Inc 7751.T, Nissan Motor Co 7201.T and Mitsubishi Motors Corp 7211.T all reported quarterly loss.[nL3N2EZ28M ]

Meanwhile, Japanese investors offloaded overseas equities worth a net 919.3 billion yen, marking a fourth successive week of net selling, finance ministry data showed.

(GRAPHIC - Japanese investments in stocks abroad: )

Reporting by Gaurav Dogra, Patturaja Murugaboopathy; Editing by Subhranshu Sahu

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