TOKYO: Japan’s Nikkei share average slid the most in three weeks on Thursday, pulling back from a record high as investors sold AI-related stocks after Broadcom missed second-quarter revenue expectations, while renewed fighting between the US and Iran also soured risk sentiment.
The Nikkei fell 1.36 percent to close at 67,470.69, the steepest drop since May 15. The broader Topix dropped 1.11 percent to 3,951.85. The drop comes a day after the Nikkei closed above the 68,000 level for the first time.
However, Wall Street tumbled overnight, with the S&P 500 falling 0.7 percent and oil prices rising around 2 percent as hostilities in the Middle East erupted anew, and talks between Tehran and Washington showed little progress. Broadcom shares fell more than 13 percent in extended trading following its disappointing results.
On the Nikkei on Thursday, technology investor SoftBank Group tanked 11.3 percent and was the top drag for the index. The investor was also the index’s biggest percentage loser.
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