Tokyo Stock Market Continues to Fall as Semiconductor Sector Weighs on Nikkei Index
Tokyo, Japan – The Tokyo stock market Nikkei Index continued its downward trend on May 9, closing at 38073.98 points, down 128.39 points or 0.34% from the previous trading day. The semiconductor sector, in particular, experienced weakness following a decline in major U.S. high-tech stocks overnight, putting pressure on the overall market.
Despite maintaining a rise for most of the day, the Nikkei index ultimately lacked a clear direction, reflecting the uncertainty surrounding market conditions. The Topix Index (TOPIX) fared slightly better, rising 7.03 points to 2713.46 points, an increase of 0.26%. Trading volume throughout the day reached approximately 1,701.46 million shares.
The Nikkei Index had initially rebounded after a sharp drop in the previous trading day as oversold stocks were sought after, leading to a temporary surge of over 200 points. However, the index eventually turned lower due to the decline in the heavily weighted semiconductor sector.
As the wave of corporate financial report disclosures for fiscal year 2023 has arrived, trading activity based on financial report performance has become more pronounced. Investors are closely monitoring these reports for insights into the financial health and prospects of companies in the market.
Despite the current challenges facing the market, investors remain hopeful for a potential turnaround in the days ahead as they navigate through the ongoing fluctuations and uncertainties.