Tokyo stocks plunge in morning session, down over 3,000 yen at one point on U.S. semiconductor stock turmoil
The Nikkei Stock Average plunged 2,547.72 yen to 64,040.40 in Monday's morning session from the previous close. Morning volume on the Prime Market was an estimated 1,386.21 million shares, with an estimated turnover of 6.0225 trillion yen. Advancing issues numbered 397, against 1,146 declining issues, while 21 ended unchanged.
In Tokyo morning trading on Monday, the Nikkei average plunged more than 3,000 yen at one point, driven by futures selling, before diving into the 63,000 yen level. Following a rout in U.S. tech stocks last Friday?where the Philadelphia Semiconductor Index (SOX Index) crashed more than 10%?the Tokyo market faced a wave of heavy selling, centered on chipmaking equipment and semiconductor memory-related shares. However, bargain hunting and short-covering emerged amid oversold conditions, helping the benchmark index trim losses toward the morning close to claw back the 64,000 yen mark.
In individual shares, Kioxia Holdings <285A> generated a trading value of over 1.90 trillion yen but its stock price fell sharply, while the decline in SoftBank Group Corp. <9984> was also pronounced. Murata Manufacturing Co.,Ltd. <6981> fell significantly, while TAIYO YUDEN CO., LTD. <6976> was heavily sold off. Megabanks including Mitsubishi UFJ Financial Group, Inc. <8306> trended lower. Mitsubishi Heavy Industries,Ltd. <7011> was soft, though defense-related shares remained relatively resilient. Fixstars Corporation <3687> locked at its daily limit-down sell quote. TerraSky Co.,Ltd <3915> also plunged. Conversely, Nintendo Co., Ltd. <7974> held firm, and Tokio Marine Holdings, Inc. <8766> traded steadily. Recruit Holdings Co.,Ltd. <6098> also attracted buying interest. JINS HOLDINGS Inc. <3046> emerged as the top percentage gainer, while Intermestic <262A> surged. Sumitomo Pharma Co., Ltd. <4506> also posted solid gains
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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