Nikkei Average Briefly Plummets Over 1,600 Points

Tokyo, June 5 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average briefly plummeted over 1,600 points Friday morning, due mainly to selling pressure on semiconductor-related issues. At 10:25 a.m., the index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section stood at 65,862.21, down 1,608.48 points, or 2.38 pct, from the previous day. After high-tech stocks declined in the U.S. market overnight, selling of chip-related shares dominated the Tokyo market Friday. “Selling to lock in profits was heavy for chip stocks,” a market source said. Major losers in the sector included Tokyo Electron and Advantest. Meanwhile, more than 80 pct of the Prime section issues advanced as of the mid-morning, with the broader TOPIX index intermittently rising above Thursday’s closing level. “Investors are increasingly shifting their attention from high-tech stocks to other sectors,” the source said. END [Copyright The Jiji Press, Ltd.]