Japan's Nikkei reverses early gains as Nvidia supplier Advantest falls
TOKYO: Japan's Nikkei share average reversed early gains on Thursday, dragged down by Nvidia supplier Advantest, while the broader Topix inched higher on value-buying.
Tokyo stocks experienced a reversal of early gains on Thursday, primarily driven by a decline in Advantest, a supplier of Nvidia. The Nikkei share average fell 0.14% to 66,170.13, while the broader Topix gained 0.19% to 4,118.69. The index had opened higher after Nvidia shares surged nearly 5% in extended trading following a forecast of a 70% revenue increase for the next fiscal year.
However, Advantest's losses erased its gains, trading down 1.96%. Technology investor SoftBank Group also declined 0.56%. Market strategists remain cautious about chip-related stocks after their sharp rise in the first half of the year, but the Topix's rise suggests investors are shifting to value stocks. Financials, including Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, rose, while fibre optic cable maker Fujikura and memory chip maker Kioxia also saw gains.
Out of over 1,500 stocks trading on the Tokyo Stock Exchange's prime market, 47% rose, 48% fell, and 4% remained unchanged.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
