Tokyo stock markets were dominated by risk-averse sentiment on May 18, with the benchmark Nikkei Stock Average falling sharply for another session. The index plunged by more than 1,000 points at one point before paring losses as initial selling subsided.

The Nikkei Stock Average closed at 60,815.95 yen, down 593.34 yen from the previous trading day, marking its third consecutive session of declines. Trading volume on the Prime Market reached approximately 2,675.2 million shares, with a turnover of approximately 8,116.6 billion yen. Advancing issues totaled 441 against 1,106 decliners, while 23 ended unchanged.

In today's Tokyo market, AI and semiconductor-related shares, which had recently led the market higher, faced heavy selling pressure that dragged down the Nikkei. Against the backdrop of climbing crude oil futures, global long-term yields rose markedly, fueling concerns over equity overvaluation and souring investor sentiment. Domestically, Japan's 10-year government bond yield temporarily hit 2.80%, acting as a headwind for tech stocks. However, following Friday's earnings results, bargain-hunting supported companies with robust financial performance. A prime example was Kioxia Holdings <285A>, which remained glutted with buy orders at its daily limit high, leaving no trades executed during the session. Declining issues exceeded 1,100, accounting for more than 70% of Prime Market listings. Total trading value stood around 8 trillion yen, slipping below the 10 trillion yen threshold for the first time in eight sessions.

Among individual stocks, Kioxia, which typically anchors trading value, had minimal impact on overall turnover as orders were matched on a proportional basis at its daily upper limit. Instead, Fujikura Ltd. <5803>, the day's turnover leader, finished weaker, while SoftBank Group Corp. <9984> also languished. DISCO CORPORATION <6146> and FAST RETAILING CO., LTD. <9983> lost ground, and NITTO BOSEKI CO.,LTD. <3110> tested lower levels. Carlit Co., Ltd. <4275> led percentage decliners, while KISSEI PHARMACEUTICAL CO.,LTD. <4547> plunged to its daily limit low.

Conversely, Furukawa Electric Co., Ltd. <5801>, ranking second in turnover, held firm, and Mitsui Kinzoku Company, Limited <5706> attracted solid buying. Mitsubishi UFJ Financial Group, Inc. <8306> traded steadily, while Recruit Holdings Co.,Ltd. <6098> surged. Dexerials Corporation <4980> and HAMAMATSU PHOTONICS K.K. <6965> also advanced. KANTO DENKA KOGYO CO.,LTD. <4047> locked at its daily limit high to top the percentage gainers. TAZMO CO.,LTD. <6266>, GMO Payment Gateway, Inc. <3769>, and INNOTECH CORPORATION <9880> were also bid up to their respective daily limits, while TERUMO CORPORATION <4543> posted substantial gains.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.