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Tokyo exchanges decline on Thursday’s session end as technology shares drop
(MENAFN) Tokyo Stocks closed lower on Thursday, with the NIKKEI index hitting a three-week low, primarily driven by declines in technology shares that mirrored losses in their U.S. counterparts. Japan's benchmark Nikkei 225 index dropped by 390.52 points, or 1.05 percent, finishing the day at 36,657.09, its lowest point since August 14. The tech sector's performance weighed heavily on the index, contributing to its overall downturn.
The broader Topix index also experienced a decline, ending the session 12.73 points, or 0.48 percent, lower at 2,620.76. The downward trend was largely attributed to high-tech shares, which saw significant selling pressure as they tracked overnight losses in the U.S. Nasdaq index. Additionally, export-dependent companies faced challenges due to the strengthening yen, further exacerbating the overall decline in the market.
Despite the predominantly negative sentiment, the Nikkei saw some support from investors buying on dips. Analysts highlighted that following the previous day's significant sell-off, which marked the third-largest drop of the year, some investors viewed the dip as a buying opportunity, preventing further losses. This buying activity helped cushion the overall market decline.
However, investor caution remained high ahead of several key U.S. economic data releases later in the day. The anticipated data could offer further insights into the health of the U.S. economy and signal potential slowdowns, adding another layer of uncertainty to market sentiment.
The broader Topix index also experienced a decline, ending the session 12.73 points, or 0.48 percent, lower at 2,620.76. The downward trend was largely attributed to high-tech shares, which saw significant selling pressure as they tracked overnight losses in the U.S. Nasdaq index. Additionally, export-dependent companies faced challenges due to the strengthening yen, further exacerbating the overall decline in the market.
Despite the predominantly negative sentiment, the Nikkei saw some support from investors buying on dips. Analysts highlighted that following the previous day's significant sell-off, which marked the third-largest drop of the year, some investors viewed the dip as a buying opportunity, preventing further losses. This buying activity helped cushion the overall market decline.
However, investor caution remained high ahead of several key U.S. economic data releases later in the day. The anticipated data could offer further insights into the health of the U.S. economy and signal potential slowdowns, adding another layer of uncertainty to market sentiment.
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