The Nikkei Average rose ¥506 from the previous session for a fifth consecutive advance, but remained range-bound on the upside. Buying back of semiconductor-related stocks intensified toward the end of the session, with AI and semiconductor stocks supporting the index. With few market-moving factors, the market became increasingly bifurcated, and the advance failed to broaden.
The Nikkei Stock Average rose ¥506.45 from the previous weekend to ¥69,220.25 in Tokyo trading on the 17th, extending its winning streak to 5 sessions. Trading remained range-bound during the session, but buying back of semiconductor-related stocks intensified toward the close, leaving the index near its high. TOPIX was soft compared with the previous weekend. Profit-taking was particularly evident in some large-cap stocks.
During the morning session, AI and semiconductor-related stocks supported the index amid a dearth of market-moving factors, although the market was at times weighed down by selling from investors waiting for a rebound. After rising to the ¥69,100 range at 9:18 a.m., the market also fell sharply at one point in the afternoon, and directionless trading continued.
The market as a whole showed marked bifurcation. Concentrated buying of semiconductor-related stocks pushed the index higher, while financial stocks remained lackluster.
With no fresh market-moving factors in sight, some expected choppy trading in the afternoon due to a lack of cues, but buying back of semiconductor stocks pushed the index higher toward the close.
The dollar-yen rate moved slightly toward a stronger yen at around ¥159.04, but its impact on stock prices was limited.