Tokyo stocks fall for first time in three days, Nikkei drops 647 points on profit-taking amid valuation concerns
The Nikkei Stock Average fell for the first time in three sessions on Oct. 2, as profit-taking dominated trading amid growing concerns over stretched valuations.
The Nikkei Stock Average closed down 647.26 points from the previous day at 68,309.46. Trading volume on the Prime Market came to an estimated 2.51 billion shares, with turnover estimated at 8.2978 trillion yen. Advancers numbered 215, or about 13% of the total, while 1,306 issues declined and 31 ended unchanged.
Although the Dow Jones Industrial Average and the Nasdaq Composite rose modestly on Wall Street in the previous session, the Nikkei came under selling pressure after surging more than 3,400 points over the two sessions on Sept. 30 and Oct. 1. Profit-taking accelerated on valuation concerns, with the index falling more than 800 points at one point to trade near the 68,100 level. Caution over rising crude oil prices and higher interest rates weighed on sentiment, while investors also adjusted positions ahead of the U.S. September employment report due later in the day. SoftBank Group Corp. <9984> and Tokyo Electron <8035> fell, while wire and cable stocks such as Fujikura <5803> and Furukawa Electric <5801> held firm; AI- and semiconductor-related shares were mixed overall.
Among individual stocks, TAIYO YUDEN CO., LTD. <6976> and Murata Manufacturing Co., Ltd. <6981> fell, while DISCO CORPORATION <6146> and Renesas Electronics Corporation <6723> were also soft. Mitsubishi UFJ Financial Group, Inc. <8306>, TOYOTA MOTOR CORPORATION <7203>, and FAST RETAILING CO., LTD. <9983> declined. SONY GROUP CORPORATION <6758>, KEYENCE CORPORATION <6861>, and Recruit Holdings Co., Ltd. <6098> also moved lower.
On the upside, Kioxia Holdings Corporation <285A>, ADVANTEST CORPORATION <6857>, and Lasertec corporation <6920> gained, while Sumitomo Electric Industries, Ltd. <5802>, Resonac Holdings Corporation <4004>, and JX Advanced Metals Corporation <5016> advanced.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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