SYDNEY, May 1 (Reuters) - Japanese shares retreated on
Friday from a near eight-week peak hit in the previous session,
tracking Wall Street's overnight losses on profit-taking, with
chipmaking-related companies dropping the most.
The benchmark Nikkei average .N225 fell 2.3% to 19,730.41
by the midday break, erasing most of Thursday's 2.6% gain, as it
also took cues from weaker U.S. stock futures. E-Mini futures
for the S&P 500 ESc1 last traded down 1.3%.
The Nikkei, however, was up 2.4% for the week, set for its
first weekly gain in two. The index climbed 6.7% in April, its
best month since October 2017.
Wall Street lost ground on Thursday as dismal economic data
and mixed corporate earnings prompted investors to lock in
profits, with all three major U.S. indexes .SPX .DJI .IXIC
finishing lower. .N
In Tokyo, shares of semiconductor-related stocks mirrored
losses in their U.S. peers, after the Philadelphia semiconductor
index .SOX lost 3.7% overnight.
Chip-making gear manufacturers Tokyo Electron Ltd 8035.T
and Screen Holdings Co Ltd 7735.T slid 4.8% and 4.4%,
respectively, while test device maker Advantest Corp 6857.T
dropped 4.0%.
The broader Topix .TOPX shed 2.0% to 1,434.80 by the
midday recess, with all of the 33 sector sub-indexes on the
Tokyo exchange trading lower.
Highly cyclical sea transport .ISHIP.T , iron and steel
.ISTEL.T and insurance .IINSU.T were the worst three
performing sectors on the main bourse.
Investors were booking some profits ahead of a long holiday
weekend, traders said.
Markets in Japan will be closed until Wednesday for the
annual Golden Week holidays.
Elsewhere, Z Holdings Corp 4689.T , formerly known as Yahoo
Japan, bucked the broader trend to advance 2.6% after the
internet services firm posted an 8.4% increase in operating
profit for the year ended March.
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Tokyo shares track Wall Street losses; chip-related stocks under pressure
Published 05/01/2020, 12:06 PM
Updated 05/01/2020, 12:10 PM
Tokyo shares track Wall Street losses; chip-related stocks under pressure
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