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Japan’s Nikkei Retreats on Tuesday as Chip Stocks Drag
(MENAFN) Japan’s main stock gauge edged lower on Tuesday, halting its recent rally as investors cashed in profits from semiconductor-related shares, erasing gains fueled earlier by a strong Wall Street performance.
The 225-issue Nikkei Stock Average dipped 68.83 points, or 0.14 percent, to finish at 50,842.93.
The index initially surged more than 600 points in morning trading on optimism that the U.S. government shutdown could soon end. However, momentum faded in the afternoon, and the Nikkei briefly slid over 300 points as profit-taking set in.
Shares of semiconductor equipment makers Advantest and Disco, which had been heavily bought in previous sessions, came under pressure as investors locked in gains, dragging the overall market lower.
Analysts also pointed to renewed caution over potential volatility once U.S. economic data releases resume after the shutdown pause — a factor that could temper expectations for an early Federal Reserve rate cut.
The broader Topix index managed a modest rise, adding 4.16 points, or 0.13 percent, to close at 3,321.58.
On the Tokyo Prime Market, 830 issues declined, 719 advanced, and 65 ended unchanged.
The 225-issue Nikkei Stock Average dipped 68.83 points, or 0.14 percent, to finish at 50,842.93.
The index initially surged more than 600 points in morning trading on optimism that the U.S. government shutdown could soon end. However, momentum faded in the afternoon, and the Nikkei briefly slid over 300 points as profit-taking set in.
Shares of semiconductor equipment makers Advantest and Disco, which had been heavily bought in previous sessions, came under pressure as investors locked in gains, dragging the overall market lower.
Analysts also pointed to renewed caution over potential volatility once U.S. economic data releases resume after the shutdown pause — a factor that could temper expectations for an early Federal Reserve rate cut.
The broader Topix index managed a modest rise, adding 4.16 points, or 0.13 percent, to close at 3,321.58.
On the Tokyo Prime Market, 830 issues declined, 719 advanced, and 65 ended unchanged.
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