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Tokyo Stocks End Monday with Mixed Results
(MENAFN) Tokyo equities closed mixed on Monday as major technology stocks slid amid investor anxiety over the profitability of massive artificial intelligence investments, while financial shares advanced on growing expectations of higher interest rates.
The benchmark Nikkei 225 ended down 668.44 points, or 1.31%, from Friday at 50,168.11. In contrast, the broader Topix index rose 7.64 points, or 0.22%, to 3,431.47, posting a record closing high.
Losses were led by nonferrous metals along with iron and steel stocks, while land transportation and banking shares recorded notable gains.
The Nikkei remained under pressure throughout the session and briefly slipped below the psychologically important 50,000 level, dragged down by heavy selling in semiconductor and AI-linked stocks following declines in their U.S. counterparts late last week.
At the same time, the market found support from purchases of bank and insurance shares, fueled by optimism over stronger earnings prospects amid expectations of a Bank of Japan interest rate hike and rising long-term bond yields.
The benchmark Nikkei 225 ended down 668.44 points, or 1.31%, from Friday at 50,168.11. In contrast, the broader Topix index rose 7.64 points, or 0.22%, to 3,431.47, posting a record closing high.
Losses were led by nonferrous metals along with iron and steel stocks, while land transportation and banking shares recorded notable gains.
The Nikkei remained under pressure throughout the session and briefly slipped below the psychologically important 50,000 level, dragged down by heavy selling in semiconductor and AI-linked stocks following declines in their U.S. counterparts late last week.
At the same time, the market found support from purchases of bank and insurance shares, fueled by optimism over stronger earnings prospects amid expectations of a Bank of Japan interest rate hike and rising long-term bond yields.
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