TOKYO: Japan’s Nikkei share average rose on Thursday, snapping four straight sessions of losses, as chip-related stocks tracked their US peers higher.
The Nikkei rose 0.87 percent to 44,936.73, after shedding 2.6 percent in the last four sessions. The broader Topix fell 0.24 percent to 3,087.4.
Chip-making equipment maker Tokyo Electron jumped 7.88 percent on Thursday after the US Philadelphia chip index notched a record high overnight.
Chip-testing equipment maker Advantest rose 2.52 percent and artificial intelligence technology investor SoftBank Group jumped 5.78 percent.
“Investors who bet on US technology stocks bought Japanese tech shares today,” said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.
However, analysts expect the recovery to be short-lived, given the fall in the Topix.
“Retail investors refrain from buying stocks as they are waiting for the shares to fall further,” said Kamada.
“The Nikkei has risen too high. The decline in the Topix index is a real reflection of the market sentiment.”
The Nikkei, which is heavily weighted by chip-related shares, hit a record high last month, helped by gains in the segment. It has risen 12.6 percent so far this year, heading for a third straight annual gain.
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