Tokyo stocks surge 2,203 yen on semiconductor rally after Micron's strong earnings

The Nikkei average gained more than 2,200 yen on Oct 1 in Tokyo trading, closing near the session high and coming within striking distance of reclaiming the 69,000-yen level.

The Nikkei average closed up 2,203.00 yen from the prior session at 68,956.72 yen. Prime Market trading volume reached an estimated 2.65 billion shares, with turnover estimated at 8.72 trillion yen. Advancing issues numbered 750, while declining issues totaled 747, with 53 stocks unchanged.

In Tokyo trading on Oct 1, leading semiconductor-related stocks were broadly bought, lifting the overall market sharply. Early in Japanese hours, Micron Technology reported earnings for the Jun-Aug quarter, posting sharp growth in both revenue and net profit. Micron's revenue outlook for the Sep-Nov quarter also exceeded market expectations, prompting investors to turn bullish. With an eye on resilience in South Korea's stock market - heavily influenced by tech shares - the Nikkei extended gains into afternoon trading. The TOPIX, which was in negative territory in the morning, also turned positive and trended higher. However, capital inflows outside semiconductors remained limited. By industry, 11 of 33 sectors advanced, with advancing issues on the Prime Market accounting for only about half of listed stocks.

Among individual stocks, Lasertec corporation <6920> surged sharply, while SoftBank Group Corp. <9984>, Kioxia Holdings Corporation <285A>, ADVANTEST CORPORATION <6857>, Tokyo Electron Limited <8035>, IBIDEN CO., LTD. <4062>, and SCREEN Holdings Co., Ltd. <7735> all moved higher. Murata Manufacturing Co., Ltd. <6981>, TAIYO YUDEN CO., LTD. <6976>, and TDK Corporation <6762>, as well as FANUC CORPORATION <6954> and Fujikura Ltd. <5803>, traded firmly. TOYOTA MOTOR CORPORATION <7203> held steady. FAST RETAILING CO., LTD. <9983> gained ground. PHC Holdings Corporation <6523> surged sharply.

On the other hand, Tokio Marine Holdings, Inc. <8766>, DAIICHI SANKYO COMPANY, LIMITED <4568>, CHUGAI PHARMACEUTICAL CO., LTD. <4519>, Mitsubishi Corporation <8058>, and JAPAN TOBACCO INC. <2914> traded softly. Mitsubishi UFJ Financial Group, Inc. <8306> also declined. ENEOS Holdings, Inc. <5020>, Idemitsu Kosan Co., Ltd. <5019>, and COSMO ENERGY HOLDINGS COMPANY, LIMITED <5021> fell. NIDEC CORPORATION <6594> dropped sharply.

Source: MINKABU PRESS

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