Japan: Tokyo stocks fell for the second straight session on Friday, weighed down by the tech sector,
Japan: Tokyo stocks fell for the second straight session on Friday, weighed down by the tech sector, after shares in US chip firms plunged in after-hours trading on concern about their outlook.
The benchmark Nikkei 225 index lost 0.57 percent or 123.28 points to close at 21,680.34. Over the week, it lost 2.56 percent.
The broader Topix index was down 0.59 percent or 9.67 points at 1,629.30, dropping 2.61 percent from a week ago.
“Shares in Nvidia and other US semiconductor manufacturers plunged in after-hours trading due to concerns about their earnings, which triggered a sell-off in the tech sector,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
“Nintendo, which uses Nvidia’s processors, fell sharply on speculation that Nvidia’s forecast would indicate a slowdown in Nintendo Switch sales,” he told AFP.
Investors remained cautious about uncertainty over Brexit and the prospect for a US-China trade war, analysts said.
The dollar fetched 113.35 yen in Asian afternoon trade, against 113.64 yen in New York.
In Tokyo, Nintendo plummeted 9.10 percent to 31,860 yen with Advantest down 7.56 percent at 2,164 yen.
Tokyo Electron was down 4.25 percent at 14,400 yen.
SoftBank, which invests in Nvidia through its funds, lost 3.37 percent to 8,802 yen.