Tokyo, July 28 (QNA) – Japan’s Nikkei index fell nearly 4 percent on Tuesday, posting its lowest closing level in more than two months, weighed down by declines in chip-related stocks ahead of major technology companies’ earnings.
The Nikkei dropped 3.95 percent to 62,364.92, its lowest closing level since May 21, while the broader Topix index fell 2.52 percent to 3,963.59.
The losses came after Nvidia shares fell 4.9 percent in overnight trading and the Philadelphia Semiconductor Index declined 2.2 percent, extending the recent sell-off in the sector.
South Korea’s Kospi index also fell more than 10 percent, while memory chipmaker Kioxia dropped 18.33 percent. Advantest and Tokyo Electron, which specialize in semiconductor manufacturing and testing equipment, each fell by more than 10 percent.
The Nikkei has declined more than 14 percent since reaching its peak in mid-June. Banking shares also fell, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group each losing more than 3 percent.
Of the more than 1,500 stocks traded on the Tokyo Stock Exchange’s Prime Market, about 30 percent advanced, while 67 percent declined and about 1 percent were unchanged. (QNA)