TOKYO: Japan’s Nikkei share average ended largely flat on Thursday, recovering from early losses, with technology stocks paring declines triggered by disappointment at Nvidia’s latest forecasts.
The Nikkei finished down 0.02% at 38,362.53, after falling as much as 1.12% earlier in the day.
The broader Topix eked out a 0.03% rise.
Chip-making equipment giant Tokyo Electron lost 1.76%, after falling as much as 3.49% earlier. Smaller peer Disco ended 2.46% lower, largely recovering from a 5.33% decline.
Chip-testing equipment maker Advantest, a supplier to Nvidia, managed to finish 0.3% higher, reversing earlier losses of 3.6%.
Nvidia’s revenue and gross margin forecasts failed to live up to their recent history of trouncing Wall Street targets, overshadowing a beat on revenue and earnings, as well as a $50 billion share buyback.
Nikkei rebounds as softer yen trumps tech losses
“The results confirmed that the strong demand for Nvidia’s products continues unchanged, but weren’t enough to meet the high expectations of some in the market,” said Maki Sawada, an equities strategist at Nomura Securities.
An exception in the turnaround was AI-focussed startup investor SoftBank Group, which dropped 2.4% to finish at the session low.
Electronic component maker Nidec was the Nikkei’s biggest decliner, slumping 3.32% after U.S. server manufacturer Super Micro Computer - with which it is building water-cooling modules for servers - delayed the filing of its annual report.
The Nikkei’s biggest gainer in points terms was Uniqlo store operator Fast Retailing, which rose 0.67%.
The stock was volatile, though, and at one point had been down 2.38%, making it the index’s biggest drag. Fast Retailing went ex-dividend on Thursday.
Of the Nikkei’s 225 components, 109 fell versus 115 that rose, with one flat.
Comments
Comments are closed.