The Nikkei Average ended trading on 2 November at ¥63,081.86, down ¥208.25 from the previous weekend, as selling pressure on semiconductor stocks persisted amid growing signs of a correction in the AI trade.
The Nikkei Average initially fell in morning trading, then briefly moved into positive territory, but widened its losses again after the bout of buying back shares subsided and closed near its lows in the afternoon. Trading value on the TSE Prime Market was approximately ¥7.6 trillion, while trading volume was approximately 266.20 million shares, with decliners far outnumbering advancers.
Before the opening, attention focused on declines in US stocks, concerns over risks in the Middle East and Intel's sharp drop after its earnings announcement, and the Nikkei Average opened approximately ¥318 lower than the previous weekend. Kioxia started with sell orders in excess of available bids.
Advantest came under early selling following its earnings announcement, while Tokyo Electron rose on its results and supported the index. Buying back shares also prevailed at times in the afternoon. However, the market fell again once the buying back subsided, and AI-related stocks remained under correction overall.
Small-cap stocks were also pressured by profit-taking sales, and growth-oriented indexes weakened. The prevailing view was that the recovery, particularly in semiconductor stocks, remained sluggish and that the market would continue searching for a bottom.