Japanese shares fall as tech stocks track Nasdaq lower

Author of the article: TOKYO — Japanese shares fell on Friday, hit by losses in technology heavyweights after the Nasdaq dropped 1% overnight as fears of inflation and higher interest rates dented risk appetite. The Nikkei share average closed 0.9% lower at 27,522.26, after losing more than 2% earlier in the session. The broader Topix…
Japanese shares fall as tech stocks track Nasdaq lower

Author of the article:

TOKYO — Japanese shares fell on Friday, hit by losses in technology heavyweights after the Nasdaq dropped 1% overnight as fears of inflation and higher interest rates dented risk appetite.

The Nikkei share average closed 0.9% lower at 27,522.26, after losing more than 2% earlier in the session. The broader Topix lost 0.59% to 1,927.18.

The Nikkei lost 2.1% for the week, its biggest in seven weeks, while the Topix fell 2.5% in its worst week in eight.

“The market tracked Wall Street and chip-related shares became a target of a sell-off after the Nasdaq’s losses,” said Kazuharu Konishi, head of equities at Mitsubishi UFJ Kokusai Asset Management.

“There will be no positive or negative comments on U.S. rates from Federal Reserve senior officials until the FOMC (Federal Open Market Committee) next week, so investors will remain cautious.”

Wall Street’s main indexes closed sharply lower overnight, as investors considered whether equities were bargains after a sell-off to start the year that has seen the Nasdaq fall into correction territory.

Chip-related stocks led the losses, with Tokyo Electron losing 6.2%, Advantest dropping 3.98% and Shin-Etsu Chemical shedding 2.07%.

Toyota Motor fell 2.48% after the automaker said it would slow production at as many as 11 plants in Japan because of rising COVID-19 infections among its workers and those at parts suppliers.

As the coronavirus infections surge to a record, Japan’s western prefecture of Osaka and two neighboring regions are expected to join in a widening declaration of COVID prevention measures, which already cover the capital Tokyo and a dozen other regions.

Despite the expected wider curb, airline and railway shares were the top gainers among the exchange’s 33 industry sub-indexes, gaining 3.84% and 1.54%, respectively.

ANA Holdings jumped 3.73% and Keisei Electric Railway advanced 3.48%. (Reporting by Junko Fujita; Editing by Rashmi Aich and Subhranshu Sahu)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
NRG to Use Renewable-Finance Strategy to Build New Gas Plants
Read More

NRG to Use Renewable-Finance Strategy to Build New Gas Plants

NRG Energy Inc. is co-opting a key strategy that sped the growth of wind and solar farms to build new natural gas-fired power plants. Author of the article: Bloomberg News Naureen S. Malik The American Electric Power (AEP) Appalachian Power Co. natural gas combined cycle plant stands in Dresden, Ohio. Photo by Ty Wright /Photographer:…
Goodfood Market Corp. Announces Renewal of Automatic Securities Disposition Plans by CEO & Chairman and President & COO
Read More

Goodfood Market Corp. Announces Renewal of Automatic Securities Disposition Plans by CEO & Chairman and President & COO

Author of the article: MONTREAL, Nov. 30, 2021 (GLOBE NEWSWIRE) — Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX: FOOD), a leading online grocery company in Canada, announced the renewal of Automatic Securities Disposition Plans (“ASDPs”) by each of Chief Executive Officer and Chairman Jonathan Ferrari and President and Chief Operating Officer, Neil Cuggy. The…
China vehicle sales fall for seventh month in prolonged chip shortage
Read More

China vehicle sales fall for seventh month in prolonged chip shortage

Author of the article: Reuters Sophie Yu and Brenda Goh BEIJING — China’s auto sales dropped 9.1% in November from a year earlier, industry data showed on Friday, marking their seventh consecutive monthly fall as a prolonged global shortage of semiconductors disrupts production. Overall sales in the world’s biggest car market stood at 2.52 million…