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Tokyo Stocks Close Thursday in Red
(MENAFN) Tokyo’s stock market closed sharply lower Thursday, dragged down by slumping semiconductor and technology sectors as investors opted to secure recent profits.
The Nikkei Stock Average, Japan’s key 225-stock gauge, dropped 666.18 points, or 1.35%, ending at 48,641.61.
Meanwhile, the broader Topix index slipped 12.65 points, or 0.39%, to finish at 3,253.78.
Market analysts attributed the pressure on major chip and tech stocks to resurfacing fears over global trade tensions.
Additionally, investors took profits by selling shares after the Nikkei approached the 50,000 mark on Tuesday, fueled by optimism surrounding the new administration under Japanese Prime Minister Sanae Takaichi, who supports increased fiscal spending to stimulate economic growth.
The Nikkei Stock Average, Japan’s key 225-stock gauge, dropped 666.18 points, or 1.35%, ending at 48,641.61.
Meanwhile, the broader Topix index slipped 12.65 points, or 0.39%, to finish at 3,253.78.
Market analysts attributed the pressure on major chip and tech stocks to resurfacing fears over global trade tensions.
Additionally, investors took profits by selling shares after the Nikkei approached the 50,000 mark on Tuesday, fueled by optimism surrounding the new administration under Japanese Prime Minister Sanae Takaichi, who supports increased fiscal spending to stimulate economic growth.
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