Japan's Nikkei reverses course to fall as tech shares weigh
11/04/2022 04:13
TOKYO, April 11 (Reuters) - Japan's Nikkei fell on Monday,
as heavyweight technology stocks tracked previous session's
weakness on their Nasdaq peers.
The Nikkei share average .N225 lost 0.71% to 26,793.46 by
the midday break, after trading higher earlier in the session.
The Nasdaq .IXIC dropped 1.34% on Friday amid the surge in
the benchmark 10-year U.S. Treasury note. .N
"Overseas investors sold Japan's big technology stocks after
the Nasdaq lost more than 1% on Friday, which pushed the
Japanese market down," said Shigetoshi Kamada, general manager
at the research department at Tachibana Securities.
"But, losses were limited as domestic investors bought
stocks on optimism that profits of Japanese technology companies
might rise."
The broader Topix .TOPX lost 0.61% to 1,885.18. The index
too gave up gains clocked during the session.
Medical platform M3 2413.T was the biggest drag on the
Nikkei, falling 4.7%, followed by air-conditioner maker Daikin
Industries 6367.T , which lost 3.05%. Chip-making equipment
maker Tokyo Electron 8035.T slipped 1.17%.
Energy shares led gains among the Tokyo Stock Exchange's 33
industry sub-indexes, with utilities .IEPNG.T rising a 2.12%
and oil explorers .IMING.T jumping 1.82%.
Japan's Prime Minister unveiled on Friday a range of
measures against Russia, including banning coal, raising
prospects for a shift of the nation for more renewable and
nuclear power energy, market participants said. urn:newsml:reuters.com:*:nT9N2U802J
Tokyo Electric Power Company Holdings 9501.T and Chubu
Electric Power 9502.T were the top gainers on the Nikkei,
jumping 12.83% and 6.5%, respectively. Kansai Electric Power
9503.T gained 1.58%.
(Reporting by Junko Fujita; editing by Uttaresh.V)
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