Tokyo, Oct. 13 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average gave up over 1,900 points temporarily in Tuesday morning trading. Market participants rushed to sell from the outset, following a decline in the tech-heavy U.S. Nasdaq Composite Index on Monday. At 10:56 a.m., the index of 225 major issues listed on the Tokyo Stock Exchange’s Prime section fell 1,972.36 points, or 2.86 pct, from Friday’s close to 67,058.56. The Tokyo market was closed Monday for a national holiday. Sentiment was further dampened by rising crude oil prices amid intensified armed conflict between Saudi Arabia and the pro-Iran Houthi militant group. “Selling hit semiconductor memory-related stocks, such as Kioxia Holdings, reflecting a drop in shares of U.S. (semiconductor giant) Micron Technology,” an official of a Japanese securities firm said. Micron was battered by selling in overnight trading as investors grew increasingly concerned about intensifying competition from Chinese companies after major Chinese chipmaker CXMT announced that it would begin producing next-generation memory chips. END [Copyright The Jiji Press, Ltd.]
