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Tokyo, April 02 (QNA) – Japan’s Nikkei share average fell more than 2% on Thursday, reversing earlier gains as hopes for a quick end to the Middle East conflict faded.
The Nikkei closed 2.38% lower at 52,463.27, after rising as much as 0.97% earlier in the session. The broader Topix reversed early gains, ending 1.61% lower at 3,611.67.
The index rallied this week on hopes for a de-escalation in the war, after logging its worst month since the 2008 global financial crisis in March.
The Nikkei rose to a 25-day average of around 54,258 earlier in the session, which was seen as a signal that the Nikkei had bottomed out.
Chip-making equipment maker Tokyo Electron fell 3.21% to drag the Nikkei down the most. Chip-testing equipment maker Advantest fell 6.11%.
Uniqlo brand owner Fast Retailing reversed early gains to end 1.04% lower.
All but three of the Tokyo Stock Exchange’s 33 industry sub-indices fell. The shipping sector rose 1.9%.
Heavy machinery maker Mitsubishi Heavy Industries rose 2.64%. (QNA)
