Japan's Nikkei slips as tech-share tumble eclipses broader gains
EWJ•Broader market pockets and standout gainers
The Topix textiles and apparel sub-index .ITXTL.T jumped 5.35% to be the best performer among the Tokyo Stock Exchange's 33 industry groupings.
On the Nikkei, standouts included healthcare equipment maker OMRON 6645.T, with a 15% rally, cosmetics company Kao 4452.T, which climbed nearly 13%, and online marketplace Mercari 4385.T, which advanced nearly 12%.
Semiconductor and AI-related shares lead declines
Heavily weighted AI-related plays tumbled after the overnight slide in U.S.-listed chipmaker AMD AMD.O and SpaceX SPCX.O as concerns about massive AI spending flared again. .N
AI-focused startup investor SoftBank Group 9984.T dropped 4.4%, chip-making equipment maker Tokyo Electron 8035.T skidded 5.5% and chip-testing tool manufacturer Advantest 6857.T slipped 2.3%.
By comparison, the broader Topix .TOPX shed a relatively small 0.2%.
"Because these semiconductor-related stocks have a high impact on the index, the selloff looks harsh at first glance but overall market sentiment hasn't deteriorated drastically," said Wataru Akiyama, an equities strategist at Nomura Securities, adding that the broader market was buoyed by the decline in oil.
Nikkei falls as tech losses outweigh broader gains
Japan's Nikkei share average declined on Thursday, as heavyweight tech stocks tracked losses among Wall Street peers, outweighing gains in most equities amid lower crude prices on rising hopes of a Middle East peace deal.
The tech-heavy Nikkei .N225 fell just over 2% at one point before ending the day down 0.9% at 65,683.26.
Of its 225 components, 56 dropped, 168 rose and one finished flat. Technology was the only sector to decline.
