Tokyo, Oct. 13 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average plunged over 1,900 points at one point on Tuesday due to heavy selling of semiconductor-related issues. The index of 225 major issues listed on the Tokyo Stock Exchange’s Prime section ended at 67,777.52, down 1,253.40 points, or 1.81 pct, from Friday. The Tokyo market was closed Monday for a national holiday. Concerns over intensifying competition spurred selling of chip-related shares in the U.S. market on Monday after a Chinese firm announced that it had begun production of next-generation memory chips. These developments triggered heavy selling of artificial intelligence-related stocks in the Tokyo market, such as semiconductor and electronic component names. Decliners included Kioxia Holdings, Advantest and Tokyo Electron. Rises in crude oil futures prices amid uncertainty over developments in the Middle East also weighed on investor sentiment, market sources said. Meanwhile, the broader TOPIX index closed 5.86 points, or 0.14 pct, higher at 4,110.67. The index extended its gains as shares outside the AI sector attracted buying on bargain hunting and expectations for earnings growth, helping more than 70 pct of stocks listed on the Prime section finish higher. “Investors may be shifting funds from technology-related stocks to nontechnology ones,” a major securities house official said. END [Copyright The Jiji Press, Ltd.]
