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<Asia> Nikkei Index Closes Down 822 Points or 1.6%; Semiconductor, Metal, and Wire Stocks Weaker
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Japanese stocks declined as Middle East tensions and high oil prices continued to affect investor sentiment. The overnight decline in US semiconductor stocks also negatively impacted their Japanese counterparts. The Nikkei Average Index opened 503 points lower, initially dropping 1,326 points to a trough of 50,558 points. It then rebounded as investors closed positions, rising 283 points to a peak of 52,169 points, before softening again to close down 822 points or 1.6% at 51,063 points. AI concept and semiconductor stocks fell in line with global markets. SoftBank (9984.JP) and Tokyo Electron (8035.JP) dropped 3.7% and 4.1%, respectively. Disco (6146.JP) and Kioxia (285A.JP) fell 4.7%, while Lasertec (6920.JP) declined 5.5%, and Advantest (6857.JP) decreased 2.8%. Wire stocks Furukawa Electric (5801.JP) and Sumitomo Electric (5802.JP) dropped 7% and 6.9%, respectively, while Fujikura (5803.JP) fell 9.2%. Heavy industry stocks Mitsubishi Heavy Industries (7011.JP) and IHI (7013.JP) declined 4.4% and 5.1%. Metal stocks JX Nippon Mining & Metals (5016.JP) and Mitsui Mining & Smelting (5706.JP) fell 7.6% and 5.2%, while Sumitomo Metal Mining (5713.JP) dropped 4.3%. Rare earth concept stock MODEC (6269.JP) declined 2.9%. Trading company stocks Mitsui & Co. (8031.JP) and Mitsubishi Corporation (8058.JP) fell 5.2% and 6.2%, respectively. Oil stock Inpex (1605.JP) dropped 4.4%. Among other stocks, Fast Retailing (9983.JP) rose less than 0.1%, Tokyo Electric Power Company (9501.JP) increased 0.7%, while shipping stock Mitsui O.S.K. Lines (9104.JP) fell 3.9%. The USD/JPY rate was 159.63. (fc/u) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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