The Nikkei average extended its decline in Tokyo trading on the 2nd. Kioxia’s sharp drop weighed on the market, while gains in South Korean stocks provided support.
The Nikkei average ended the 2nd at ¥63,081.86, down ¥208.25 from the previous day, in directionless trading throughout the session. As investors sought to assess the outcome of the U.S. midterm elections, trading remained subdued.
Kioxia fell more than 15% after its share price declined on a view that its earnings outlook was below market expectations, and selling spread to semiconductor and AI-related stocks. Other related stocks, including SBG and Ibiden, also came under selling pressure.
After selling in major stocks subsided, the Nikkei average’s decline was contained, and Tokyo Electron and Advantest were bought, temporarily lifting the average. Gains in South Korean stocks also supported the market.
TOPIX on the TSE Prime Market ended at 3,930.28, down 34.79 points, while JPX Prime 150 fell 1.07% to 1,647.97. Trading value was approximately ¥7.6403 trillion and trading volume was 2.32819 billion shares.