Tokyo's Nikkei Index Tumbles 3% In Morning Trade
Umer Jamshaid Published April 19, 2024 | 08:20 AM
Tokyo, (UrduPoint / Pakistan Point News - 19th Apr, 2024) Tokyo's key Nikkei index plunged more than three percent in morning trade on Friday, following falls in tech shares on Wall Street and as middle East tensions rattle markets.
The benchmark Nikkei 225 index was down 3.08 percent, or 1,170.97 points, to 36,908.73 at around 0145 GMT.
The broader Topix index fell 2.53 percent, or 67.65 points, to 2,609.80.
"Chip-linked shares are facing heavy selling" in Tokyo as "expectations fade for US rate cuts, and after Taiwan's TSMC revised down its market outlook", Hideyuki Suzuki of SBI Securities said.
Taiwanese semiconductor giant TSMC fell 4.9 percent on Wall Street on Thursday after it pointed to "weakening macroeconomic conditions" and softening demand.
Earlier Thursday, TSMC -- which dominates the world's chip-making industry -- announced a nearly nine percent increase in net profit in the first quarter.
Stephen Innes of SPI Asset Management said investors across Asian markets were hoping "to salvage a challenging week".
"Prevailing global unease and a cautious attitude towards risk-taking ahead of the weekend (yes, the Middle East is still on the radar), compounded by relentless waves of hawkish Fed speak, could limit any appetite for upside moves," he said in a note.
Among major shares in Tokyo, electronics maker TDK dropped 4.64 percent to 6,985 Yen and IT investment company SoftBank Group sank 3.86 percent to 7,572 yen.
Chip and electronics parts maker Rohm was down 3.93 percent at 2,114 yen.
Sony Group was down 2.55 percent at 12,435 yen after reports said the company was in talks with Apollo Global Management about a potential joint bid for film and tv giant Paramount Global.
Toyota was off 2.67 percent at 3,506 yen.
Related Topics
Recent Stories
Pakistan urges Int’l community to hold India accountable for espionage in fore ..
PAF always lived up to nation’s expectations: COAS
Pak Navy and Us Navy Conduct Bilateral Exercise Inspired Union 2024
Dubai Customs Clinches Two Prestigious Global Awards for Governance Excellence
Vivo Launched Y100 Smartphone in Pakistan with Unique Color Changing Design and ..
Pakistan name 18-player squad for Ireland and England
Joint exercise of Pakistan Navy, US Navy held in Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 2 May 2024
Today Gold Rate in Pakistan 02 May 2024
Dubai Police Marks International Workers' Day with 'Talabat' Riders
Sharjah Ruler inaugurates 15th annual Sharjah Children’s Reading Festival
Parineeti Chopra opens up about her decision to marry politician Raghav Chadha
More Stories From Business
-
NAVTTC certified FF Steel's Labour Force through RPL process
38 minutes ago -
Gold rates decrease by Rs 900 per tola to Rs 241,000
59 minutes ago -
'Field staff providing guidance to growers for increasing cotton yield'
59 minutes ago -
OECD lifts 2024 growth forecasts, driven by US
3 hours ago -
EXCHANGE RATES FOR CURRENCY NOTES
5 hours ago -
Foreign exchange rates
5 hours ago
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 2 May 2024
6 hours ago -
Today Gold Rate in Pakistan 02 May 2024
7 hours ago -
SRB tax collection surges 29% to Rs 185.2 billion
24 hours ago -
WSSP, district admin to launch joint operation against water bills defaulters
1 day ago -
Mega Cotton Seminar held in Bahawalpur
1 day ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 1 May 2024
1 day ago