Thursday, 23 May 2024

Japan’s Nikkei fell, recording its worst daily performance in 30 months

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Japan’s Nikkei fell as chip-related stocks fell and tension in the Middle East

According to Reuters, Japan’s Nikkei index recorded its worst daily performance in more than two and a half years on Friday, with chip-related stocks incurring losses, following the path of Taiwanese TSMC, while unrest in the Middle East undermined appetite for risk.

The Nikkei fell 2.66% to close at 37,068.35 points, its largest daily decline since September 2022, and 206 stocks out of 225 declined.

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The index fell to 36,733.06 points earlier in the session, the lowest level since February 8th.

TSMC’s stock, listed in Taipei, fell by about 7%, while Tokyo Electron’s stock for chip manufacturing equipment fell 8.74%, and Advantest’s stock, which specializes in chip testing equipment, fell 4.38%.

The broader Topix index fell 1.91% to close at 2,626.32 points.

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