July 30, 2020 / 7:16 AM / 7 days ago

Foreigners net buyers of Japanese stocks for third straight week

July 30 (Reuters) - Foreign investors remained net buyers of Japanese equities for a third straight week that ended July 22, as signs of progress in developing a COVID-19 vaccine renewed global economic recovery hopes, improving investor appetite for riskier assets.

In a holiday-shortened week, overseas investors were net buyers of stocks worth 13.27 billion yen ($126.13 million), data from Japanese stock exchanges showed.

They purchased a net 84.98 billion yen worth of shares in cash markets, but sold 71.71 billion yen worth of derivatives.

Hopes that vaccines against the COVID-19 disease might be ready by the end of year supported investors’ sentiment last week, following promising early data from trials of three potential vaccines.

More than 150 vaccines are being developed and tested around the world to stop the COVID-19 pandemic, with 25 in human clinical trials, according to the World Health Organization.

Last week, Japan’s major indexes were mixed as the Nikkei index gained 0.24%, while the Topix index marginally slipped 0.06%.

Both indexes have lost about 2% so far this week as Japan faces a spike in new coronavirus infections, with fresh daily cases exceeding the 1,000 mark for the first time on Wednesday.

Meanwhile, Japanese investors sold overseas equities worth a net 149.6 billion yen, marking a third successive week of net selling, finance ministry data showed.

($1 = 105.2100 yen)

Reporting by Gaurav Dogra, Patturaja Murugaboopathy; Editing by Vinay Dwivedi

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