The Nikkei average posted a modest gain in morning trading on the Tokyo Stock Exchange on the 8th. Dip-buying in AI and semiconductor-related stocks supported the market, while the yen's appreciation weighed on exporters. By sector, oil and coal products and information and communications stocks rose, while transportation equipment and precision instruments stocks fell.
The Nikkei Stock Average posted a modest gain in morning trading on the Tokyo Stock Exchange on the 8th, ending the morning session up ¥45.29 from the previous day at ¥66,445.13. Selling led in early trading as the yen appreciated, but dip-buying in AI and semiconductor-related stocks provided support, keeping the index in positive territory. The Nikkei briefly fell into negative territory at one point, but rebounded to end the morning session.
Heading into the afternoon, dip-buying emerged with support from movements in the KOSPI, and the index at times returned close to its morning-session high. Among individual stocks, AI and semiconductor-related issues turned higher, while oil and coal products and information and communications stocks stood out for their gains. Meanwhile, concerns over deteriorating earnings at exporters prompted selling in transportation equipment and precision instruments stocks.
The dollar rose to the ¥152 range, prompting investors to consider the impact on exporters' earnings. As of 10:04 a.m., the dollar was trading in the upper ¥153 range and the euro in the upper ¥178 range, while the yen's appreciation affected the overall momentum of the stock market. Futures ended slightly weaker in the night session on the Osaka Exchange.
Market participants believe dip-buying gained the upper hand after profit-taking following the previous day's sharp rise had run its course. At the same time, concerns over deteriorating earnings at exporters as the yen appreciates are capping gains.