The Nikkei Average edged higher but lost momentum, while AI and semiconductor stocks moved unevenly. With earnings announcements and the US midterm elections approaching, investors are increasingly staying on the sidelines.
AI and semiconductor-related stocks at times led the market in the morning, but momentum slowed around mid-session, leaving the broader market struggling to gain ground. Market participants said investors were increasingly staying on the sidelines ahead of earnings announcements and the US midterm elections.
(Morning session close) The Nikkei Average held on to its gains throughout the day, while some related stocks lost ground ahead of earnings results from South Korea's Samsung Electronics. The Nikkei Average closed at ¥64,131.28, up ¥177.09 from the previous day, while the TOPIX fell 11.82 points to 3979.89.
Trading volume was 1,030.46 million shares and turnover was ¥4.475 trillion. By sector, mining, electric power and gas, and pharmaceuticals rose, while electric appliances, machinery, and fabricated metals fell.
Compared with the morning session, buying continued in the afternoon, centered on AI and semiconductor-related stocks, but some market participants said the market's upside remained limited. Attention remained focused on earnings announcements and developments in the US and China.