Nikkei slips after tech stocks lost ground
Japan’s Nikkei share average edged lower on Wednesday after tech stocks lost ground as they tracked their weaker US counterparts, offsetting gains in the financial space.
The Nikkei 225 Index fell 0.2 per cent to 22,817.46 in midmorning trade while the broader Topix shed 0.1 per cent to 1,814.09.
Suppliers of Apple such as Murata Manufacturing lost 0.6 per cent and Taiyo Yuden dropped 1.6 per cent after the US tech giant’s shares declined 0.6 per cent overnight, reports Reuters.
Chip equipment makers also stumbled, with Tokyo Electron falling 1.7 per cent and Advantest Corp declining 0.9 per cent, while silicon wafer maker Sumco Corp tumbled 3.7 per cent.
Gainers included financial stocks and shippers. Mitsubishi UFJ Financial Group surged 1.6 per cent and Nomura Holdings advanced 0.8 per cent.
Shippers Mitsui OSK Lines surged 0.8 per cent and Nippon Yusen KK advanced 1.5 per cent after the Baltic dry index of freight charges rose overnight again to its highest level since January 2014.
Declining issues outnumbered advancing ones 1,102 to 834 on the Tokyo Stock Exchange first section.