Japan's Nikkei reverses early gains as Nvidia supplier Advantest falls
- The Nikkei was down 0.14% at 66,170.13
TOKYO: Japan’s Nikkei share average reversed early gains on Thursday, dragged down by Nvidia supplier Advantest, while the broader Topix inched higher on value-buying.
The Nikkei was down 0.14% at 66,170.13, as of 0204 GMT, while the broader Topix rose 0.19% to 4,118.69.
The Nikkei opened higher after chip company Nvidia shares rose nearly 5% in extended trading following a forecast that revenue would jump 70% next fiscal year.
The index changed course as chip-testing equipment maker Advantest erased its gains to trade lower.
Advantest was last down 1.96%.
Technology investor SoftBank Group eased 0.56%.
“The markets remain cautious about buying chip-related stocks after a sharp rise in the first half of this year,” said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.
“However, market sentiment is firm because the Topix rose, signalling the money was shifted to value stocks.”
Banks rose, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group up 0.5% and 0.7%, respectively.
Fibre optic cable maker Fujikura rose 2.83% and memory chip maker Kioxia was up 5.16%.
Of the more than 1,500 stocks trading on the Tokyo Stock Exchange’s prime market, 47% rose, 48% fell and 4% traded flat.