The Nikkei Average was trading around ¥100 higher than the previous day during the morning session on the 17th, with buying in semiconductor stocks leading the market against the backdrop of further gains in the US market's SOX. After opening at a higher level, the index pared its gains as investors sold into the rebound.
The Nikkei Average was trading around ¥100 higher than the previous day on the morning of the 17th, while SOX remained broadly firm in response to the reaction in the New York market. The yen-denominated settlement value for Nikkei futures was around ¥64,085, and the index reached a high level shortly after the open. However, selling by investors waiting to sell into a rebound prevailed ahead of a psychological resistance level, narrowing the gain.
By sector, 28 of the 33 sectors rose. Pharmaceuticals, insurance, steel, rubber products, precision instruments and wholesale stocks were among the gainers. Mining and oil and coal stocks, meanwhile, fell. Specifically, ASICS and Nintendo among other products stocks, as well as insurance stocks including MS&AD and Tokio Marine, rose. Oil-related stocks such as Idemitsu Kosan and ENEOS, by contrast, declined.
In the Tokyo foreign exchange market, as of 10:00 a.m., the dollar was trading broadly in the low ¥156 range and the euro in the high ¥178 range. Across the market, semiconductor-related stocks attracted buying against the backdrop of higher SOX.