Japan’s Shares Rebound With Chip Firms Rising on US Tech Gains
Japanese shares are rebounding on Wednesday with semiconductor-related stocks such as Advantest advancing, as a recovery in US tech stocks including Nvidia overnight improved investor sentiment after the plunge a day earlier.
The Topix Index rose 0.5% to 2,770.99 as of 9:24 a.m. Tokyo time
The Nikkei advanced 0.9% to 39,363.66
Sony Group Corp. contributed the most to the Topix Index gain, increasing 4%. Out of 2,119 stocks in the index, 1,073 rose and 836 fell, while 210 were unchanged.
Non-ferrous metal firms such as electric cable makers also rose on speculation they would benefit from a recovery in the tech sector.
“Semiconductor-related stocks in Japan are likely to be bought and push up the market on relief that in the US, the Nasdaq rebounded,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “But if Nasdaq futures fall during the day, it will be difficult for the rebound to spread in the Japanese market, so it’s necessary to pay attention to those futures.”
Source: Bloomberg
