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Tokyo stocks fall, dragged down by tech shares' slump

Nov 16 2018 09:11
AFP

Tokyo - Tokyo stocks fell for the second straight session on Friday, weighed down by the tech sector, after shares in US chip firms plunged in after-hours trading on concern about their outlook.

The benchmark Nikkei 225 index lost 0.57% or 123.28 points to close at 21 680.34. Over the week, it lost 2.56%.

The broader Topix index was down 0.59% or 9.67 points at 1 629.30, dropping 2.61% from a week ago.

"Shares in Nvidia and other US semiconductor manufacturers plunged in after-hours trading due to concerns about their earnings, which triggered a sell-off in the tech sector," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"Nintendo, which uses Nvidia's processors, fell sharply on speculation that Nvidia's forecast would indicate a slowdown in Nintendo Switch sales," he told AFP.

Investors remained cautious about uncertainty over Brexit and the prospect for a US-China trade war, analysts said.

The dollar fetched ¥113.35 in Asian afternoon trade, against ¥113.64 in New York.

In Tokyo, Nintendo plummeted 9.10% to ¥31 860 with Advantest down 7.56% at ¥2 164.

Tokyo Electron was down 4.25% at ¥14 400.

SoftBank, which invests in Nvidia through its funds, lost 3.37% to ¥8 802.

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