The Nikkei Average rebounded sharply in morning trading, with the morning-session high reaching more than approximately ¥1,400. Buying back semiconductor stocks was notable, with Advantest providing a major lift to the index.
On the 27th, the Nikkei Average had risen to ¥63,372.37 by 11 a.m., up ¥1,182.72 from the previous day. At 10 a.m., it was up more than ¥1,329, and at one point a full-day gain of more than approximately ¥1,400 was expected. On the TSE Prime Market, gainers outnumbered decliners, although the overall imbalance in the number of advancing and declining stocks was not significant.
Advantest led the gains. As of 11 a.m., its share price was ¥33,930, up ¥2,860 from the previous day, lifting the Nikkei Average by ¥638.61. SoftBank Group, Tokyo Electron, Ibiden and TDK followed, with the top 5 stocks accounting for almost all of the index's gains.
Some stocks also exerted downward pressure. Fast Retailing made the largest negative contribution, weighing on the index by approximately ¥54, followed by Daiichi Sankyo, Chugai Pharmaceutical, Recruit Holdings and KDDI. By sector, electric appliances posted the largest gains, followed by glass and ceramics products, nonferrous metals and machinery, while real estate, pharmaceuticals and land transportation showed a downward trend.
Domestic investment fund strategists said that buying aimed at an autonomous rebound was strong, following the decline of approximately ¥2,400 over the previous 3 trading days. There was also a view that the Nikkei Average was being watched for support at its 200-day moving average as of the 26th, and the market's future direction is likely to be readily influenced by movements in related stocks.