AIRLINK 60.45 Decreased By ▼ -0.52 (-0.85%)
BOP 6.32 Increased By ▲ 0.03 (0.48%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.00 Increased By ▲ 0.14 (0.88%)
DGKC 69.01 Decreased By ▼ -0.29 (-0.42%)
FCCL 18.09 Decreased By ▼ -0.11 (-0.6%)
FFBL 26.24 Decreased By ▼ -0.01 (-0.04%)
FFL 9.34 Increased By ▲ 0.11 (1.19%)
GGL 10.24 Decreased By ▼ -0.01 (-0.1%)
HBL 115.42 Decreased By ▼ -1.58 (-1.35%)
HUBC 116.06 Increased By ▲ 1.58 (1.38%)
HUMNL 7.03 Increased By ▲ 0.10 (1.44%)
KEL 5.02 Increased By ▲ 0.13 (2.66%)
KOSM 5.68 Increased By ▲ 0.35 (6.57%)
MLCF 38.72 Increased By ▲ 0.22 (0.57%)
OGDC 132.17 Increased By ▲ 8.20 (6.61%)
PAEL 21.76 Decreased By ▼ -0.09 (-0.41%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.10 No Change ▼ 0.00 (0%)
PPL 119.87 Increased By ▲ 6.12 (5.38%)
PRL 28.17 Decreased By ▼ -0.13 (-0.46%)
PTC 12.08 Increased By ▲ 0.63 (5.5%)
SEARL 51.80 Decreased By ▼ -0.50 (-0.96%)
SNGP 68.77 Increased By ▲ 1.07 (1.58%)
SSGC 11.46 Increased By ▲ 0.13 (1.15%)
TELE 8.19 Increased By ▲ 0.34 (4.33%)
TPLP 11.53 Decreased By ▼ -0.05 (-0.43%)
TRG 72.75 Increased By ▲ 0.94 (1.31%)
UNITY 23.62 Increased By ▲ 0.52 (2.25%)
WTL 1.37 Increased By ▲ 0.08 (6.2%)
BR100 6,790 Increased By 72.9 (1.09%)
BR30 23,078 Increased By 560.6 (2.49%)
KSE100 65,952 Increased By 626 (0.96%)
KSE30 22,417 Increased By 271.6 (1.23%)

TOKYO: Japan’s Nikkei index ended lower on Wednesday, dragged down by technology heavyweights after their U.S. peers slumped overnight on concerns over an increasingly hawkish Federal Reserve and tensions surrounding Ukraine.

The Nikkei share average closed down 0.44% at 27,011.33, after touching a 13-month low earlier in the session. The broader Topix fell 0.25% to 1,891.85.

U.S. stocks whipsawed between steep losses and modest gains before ending well off session lows, with rate-sensitive tech stocks weighing most heavily.

The Fed is due to update its policy plan, likely fleshing out timing on expected rate hikes and shrinking its massive balance sheet.

“Investors are just waiting for the end of the Fed’s meeting and how the market will move after that will totally depend on the outcome,” said Takatoshi Itoshima, a strategist at Pictet Asset Management.

“Looking at the sell-off today, the market is expecting a hawkish move and the point is how hawkish the Fed will be.”

Technology heavyweights fell, with semiconductor and electronics company Tokyo Electron losing 0.81%, robot maker Fanuc falling 3.29% and phone operator KDDI dropping 2.57%.

Toyota Motor fell 0.67%, shedding early gains fuelled by the auto maker’s plans to produce a record 11 million cars in fiscal 2022.

Rival Suzuki Motor jumped 5.77%, and was the top gainer in the Nikkei, after its Indian arm Maruti Suzuki improved its margins for the third quarter by raising prices.

Game maker Nintendo climbed 4.36% after Nomura Securities rated its shares “buy”.

SoftBank Group gained 1.72% following a report, which cited that Nvidia was preparing to abandon its purchase of Arm Ltd from the Japanese technology investor.

Comments

Comments are closed.