financetom
Market
financetom
/
Market
/
Japan's Nikkei set for worst week since Dec 2022 as tech tumbles
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Japan's Nikkei set for worst week since Dec 2022 as tech tumbles
Apr 4, 2024 8:08 PM

TOKYO, April 5 (Reuters) - Japan's Nikkei share average

tumbled more than 2% to a three-week low on Friday, putting it

on course for its worst week since December 2022 as tech shares

slid on Wall Street's lead.

Investors were also cautious ahead of a key monthly U.S.

jobs report due later in the day, with the outlook for when the

Federal Reserve will cut interest rates becoming increasingly

unclear this week.

The Nikkei was down 2.42%, or 961 points, at

38,812.24, as of the midday recess, bringing its loss for the

week to 3.86%.

"The biggest factor for the Nikkei's decline is technical,"

said Kazuo Kamitani, an equities strategist at Nomura

Securities.

The benchmark index was poised for a second weekly loss,

after it rallied to an all-time high of 41,087.75 on March 22.

The 25-day moving average turned lower on Friday, and should

it remain that way, "there's the risk that the Nikkei is in for

another step down from here," he said.

"The 25-day moving average has a mysterious gravitational

pull, and is very much in focus for the market," Kamitani added.

"All of next week, stock market moves could be a bit volatile."

Chip sector shares were among the biggest drags on Friday,

with Tokyo Electron ( TOELF ) dropping nearly 5% to shave 192

points from the Nikkei. Advantest ( ADTTF ) erased another 78

points with a 4.7% decline.

Other notable losers included startup investor SoftBank

Group ( SFTBF ), which lost 3.35%, and Uniqlo chain operator Fast

Retailing ( FRCOF ), which skidded 2.5%.

Of the Nikkei's 225 components, 214 declined while only 11

advanced.

The broader Topix lost 1.81%, with a sub-index of

growth shares dropping 2.05%, compared with a 1.6%

slide for value stocks.

Energy shares provided the one bright spot among Nikkei

sectors, climbing 0.73% after crude oil closed above $90 for the

first time since last October.

Oil refiner Inpex ( IPXHF ) was the Nikkei's biggest

percentage gainer with a 1.3% jump.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Gold industry sees prices rising to $2,941/oz over 12 months
Gold industry sees prices rising to $2,941/oz over 12 months
Oct 17, 2024
* Poll predicts higher silver, platinum, palladium prices * Spot gold prices up 29% so far this year MIAMI, Oct 15 (Reuters) - The price of gold is expected to rise to $2,941 a troy ounce over the next 12 months from the current $2,661, delegates to the London Bullion Market Association's annual gathering predicted on Tuesday. A poll of...
Equities Retreat as Earnings Season Gathers Pace; Oil Declines
Equities Retreat as Earnings Season Gathers Pace; Oil Declines
Oct 17, 2024
04:51 PM EDT, 10/15/2024 (MT Newswires) -- US benchmark equity indexes closed lower Tuesday as markets evaluated the latest batch of corporate earnings, while oil prices slumped. The Nasdaq Composite fell 1% to 18,315.6. The Dow Jones Industrial Average and the S&P 500 dropped 0.8% each to 42,740.4 and 5,815.3, respectively, both retreating from Monday's record closings. Among sectors, energy...
Japan's Nikkei falls as chip stocks track US peers lower
Japan's Nikkei falls as chip stocks track US peers lower
Oct 17, 2024
TOKYO, Oct 16 (Reuters) - Japan's Nikkei share average fell on Wednesday, as chip-related stocks tracked an overnight drop in U.S. peers, with Tokyo Electron ( TOELF ) slumping 9%. The Nikkei was down 1.7% at 39,233.45, as of 0021 GMT, and is set to snap a four-day winning streak. The index rose to a three-month high in the previous...
Chip stocks fall on ASML forecast cut, potential US AI chip export cap
Chip stocks fall on ASML forecast cut, potential US AI chip export cap
Oct 17, 2024
(Reuters) -Semiconductor stocks in the United States and Asia fell after chip equipment maker ASML cut its annual sales forecast over weak non-AI chip demand while a report said the Biden administration was considering capping sales of advanced artificial intelligence processors to some countries. AI chip giant Nvidia, which had briefly surpassed Apple as the world's most valuable company the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved