Nikkei Under Pressure, Japanese Tech In The Red
Japanese stocks weakened on Monday (July 13th) after Asian market sentiment worsened following the United States' renewed attack on Iran over the weekend. Geopolitical tensions in the Middle East have again prompted investors to reduce risk, particularly in technology stocks.
The Topix index fell 0.7% to 4,007.49 at the close of trading in Tokyo. Of the 1,637 stocks in the index, 999 fell, 585 rose, and 53 were unchanged. Meanwhile, the Nikkei index plunged 1.9% to 67,242.73.
The greatest pressure came from technology and manufacturing stocks. Murata Manufacturing was one of the main drags on the Topix, falling 8.1%. On the Nikkei, Yaskawa Electric was also one of the worst-performing stocks, plunging 14% after the company's first-quarter operating profit report fell below analysts' estimates.
Negative sentiment was also felt across other Asian regions. South Korea's Kospi fell as much as 9.3% after initially opening higher. This sharp change in direction indicates the market remains highly sensitive to developments in the US-Iran conflict and the uncertainty surrounding the Strait of Hormuz as a vital route for global energy trade.
Despite the weakening of the main index, several stocks still recorded gains. Ryohin Keikaku, operator of the Muji retail chain, surged 17% after raising its full-year operating profit projection, exceeding market expectations. This indicates that while the potential for major index gains remains limited, individual stock movements remain potentially active, following the performance of individual issuers. (asd)
Source: Newsmaker.id
