Nikkei falls 380 yen to around 65,640 as semiconductor stocks weigh

The Nikkei Stock Average extended its decline on the Tokyo stock market on the 24th, falling about 380 yen to around 65,640 shortly after 12:45 p.m. The index had dropped as much as 431.19 yen to 65,585.17 at 12:33 p.m. Selling pressure was broad, while the weak KOSPI (South Korea’s benchmark stock index) dampened sentiment. Semiconductor-related shares, including SoftBank Group, Advantest and Kioxia Holdings, were among the largest drags as investors took profits. Tokyo Electron, Recruit Holdings and Sumitomo Metal Mining provided the biggest positive contributions, while buying continued in mining and construction machinery stocks. The yen was little changed at around 158.90 to the dollar. Prime Market trading volume reached 1.04299 billion shares and value totaled ¥4.08 trillion, or approximately $25.7 billion, by 12:45 p.m. Market participants said the decline in KOSPI was spilling over into Tokyo, while the Nikkei’s elevated levels through the previous weekend left it vulnerable to selling linked to short-term overheating concerns.

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