The Nikkei recovered the 60,000 level, and as buying to cover short positions spread to AI-related stocks, it rose more than ¥1,700 at one point, returning to the 60,000 level. Factors behind the rebound after the previous day's sharp decline, as well as trends in crude oil futures, were also reported.
The Nikkei rose sharply immediately after trading began, following the gains recorded the previous day. The gain widened toward the end of the session, and the index recovered the 60,000 level after rising more than ¥1,700 at one point. Market participants pointed to a rebound in oversold stocks, particularly AI-related names. Falling crude oil futures prices were also cited as a factor behind the rise in stock prices.
The decline late last week was attributed to the impact of the US midterm elections, and views emerged that buying to cover short positions, particularly in AI-related stocks, would continue this week. Even after the rebound immediately following the open, investors remained focused on the recovery in supply and demand for AI-related stocks.
Market participants said that some of the uncertainty that had persisted through the previous day was gradually being dispelled, while also pointing to divergent moves among individual stocks. Future price movements may be influenced by trends in AI-related stocks and crude oil prices.
The news was reported by the TV Asahi network and summarizes the key points, focusing on movements in the Nikkei and AI-related stocks.