Japan's Nikkei closes lower as Nvidia supplier Advantest falls
Japan's Nikkei closes lower as Nvidia supplier Advantest falls Updates with closing prices
By Junko Fujita
TOKYO, Aug 27 (Reuters) - Japan's Nikkei share average reversed early gains to end lower on Thursday, dragged down by Nvidia supplier Advantest, while the broader Topix inched higher on value-buying.
The Nikkei .N225 fell 0.2% to 66,131.98 after rising as much as 1%, while the broader Topix .TOPX rose 0.15% to 4,117.22.
The Nikkei opened higher after chip company Nvidia NVDA.O rose nearly 5% in extended trading following a forecast that revenue would jump 70% next fiscal year.
The index changed course as chip-testing equipment maker Advantest erased its gains to trade lower. Advantest ended down 3.05%, making it the biggest drag on the Nikkei.
"The markets remain cautious about buying chip-related stocks after a sharp rise in the first half of this year," Kazuaki Shimada, chief strategist at IwaiCosmo Securities, said.
"However, market sentiment is firm because the Topix rose, signalling the money was shifted to value stocks."
Banks rose, with Mitsubishi UFJ Financial Group 8306.T and Sumitomo Mitsui Financial Group 8316.T up 0.81% and 0.92%, respectively.
Fibre optic cable makers Fujikura 5803.T and Furukawa Electric 5801.T rose 3.68% and 4.71%, respectively. Memory chip maker Kioxia 285A.T was up 5%.
Of the more than 1,500 stocks trading on the Tokyo Stock Exchange's prime market, 45% rose, 49% fell and 4% traded flat.
(Reporting by Junko Fujita; Editing by Subhranshu Sahu and Shounak Dasgupta)
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