The Nikkei index rose by 2.88 percent on Tuesday, continuing its recovery from a wave of selling that affected technology company shares last Friday, supported by gains in shares of companies linked to the artificial intelligence sector.
Reuters reported that the index recorded 60,471.05 points by 01:58 GMT, recovering most of its losses recorded on Friday over two consecutive sessions, while the broader Topix index rose by 2.27 percent to 3,904.67 points.
Recovery of Technology Sectors
The Nikkei index had fallen by about 6 percent on Friday, with shares of AI-related companies declining amid concerns that the Democratic Party's landslide victory in the US midterm elections would slow Congress's investments in this sector.
In Tuesday's trading, SoftBank Group's stock, an investor in the technology sector, jumped by 14.38 percent, while shares of Advantest and Tokyo Electron, linked to the semiconductor industry, rose by 4.93 percent and 5.66 percent, respectively.
Specific Stock Movements
Kioxia Holdings' stock, which manufactures memory chips, rose by 7.6 percent, while JX Nippon Mining & Metals' stock rose by 2.2 percent, after the company specializing in semiconductor material manufacturing raised its forecast for net profit for the fiscal year ending in March next year by 14 percent.
In contrast, Toyota Motor's stock fell by 1.63 percent, recording the largest negative pressure on the Topix index, while Kikkoman's stock, a soy sauce producer, fell by 13 percent, making it the largest loser by percentage among Nikkei index stocks.
Source: Syrian Arab News Agency (SANA)
Comments (0)