Rising technology stocks are losing momentum
The Japanese Nikkei index witnessed a sharp decline for the second day in a row, today, Thursday, as investors reaped profits from the recent rise in technology stocks.
And the pace of “Nikkei” losses accelerated in the second half of the session, to decline by 0.85% at the close, recording 31,641.27 points. The broader Topix index fell 0.67% to 2,191.50 points.
Sony Group shares fell 1.65%, Hoya Semiconductor Materials fell 3.89%, and SoftBank Group shares fell 1.47%.
But Esai Pharmaceuticals rose 7.37% and led the gains on Nikkei after US regulators gave a positive assessment of advanced-stage trials of the company’s Alzheimer’s treatment.
Yesterday, Wednesday, the Nikkei witnessed the largest decline in three months, paring strong gains of 15% over the past three months, which outperformed other global stock exchanges.
Among the stocks listed on Nikkei, 147 fell and 78 rose.
The precision machinery manufacturing sector lost 2.59%, becoming the worst performer among the 33 sub-sectors.
As for shipping companies, they were the biggest gainers, rising 2.28%.
2023-06-08 06:59:00
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