Nikkei Under Pressure, Chip Stocks Plunge
Japanese stocks closed sharply lower on Thursday (July 16th), with the Nikkei 225 index down 2.63% at the end of the Tokyo session. Pressure came primarily from the paper and pulp, transportation, and communications sectors, which dragged down the broader market.
Technology and semiconductor stocks were the biggest drags. Kioxia Holdings plunged 15.03% to 62,110, followed by Ibiden, which fell 10.01%, and SUMCO, which fell 9.07%. The pressure on chip stocks suggests investors remain cautious about the prospects for Japan's technology sector.
Despite the decline in the main index, several stocks still posted gains. Mitsubishi Motors was one of the best performers, rising 6.43% to 389.20. BayCurrent Consulting also gained 5.83%, while Ryohin Keikaku rose 4.90% to reach an all-time high.
Overall, weakening stocks still far outnumbered rising ones on the Tokyo Stock Exchange. A total of 2,376 stocks fell, 1,138 stocks rose, and 242 stocks remained unchanged. This indicates widespread selling pressure in the Japanese market.
In the commodity market, WTI crude oil fell slightly to around US$79.46 per barrel, while Brent weakened to US$84.60 per barrel. Gold futures also fell to around US$4,034.95 per troy ounce. On the currency market, USD/JPY moved slightly around 162.12.
Impacting the market, the Nikkei's weakening indicates investors remain sensitive to pressure in the chip sector and global movements. If semiconductor stocks continue to be under pressure, the Japanese index is at risk of further correction. However, strengthening automotive and retail stocks such as Mitsubishi Motors and Ryohin Keikaku still provided some cushion amidst market pressure. (asd)
Source: Newsmaker.id
