Nikkei Takes a Hit; Japanese Stocks Slip Again
Japanese stock markets closed lower in Monday's trading (August 3). The Nikkei 225 index fell 1.02%, weighed down by weakness in the paper, transportation, and communications sectors following a sharp surge in the previous session.
Despite the index's correction, several technology stocks continued to rally. Renesas Electronics jumped 13.45%, Lasertec rose 7.91%, and Socionext gained 6.07%, indicating sustained investor interest in the semiconductor sector.
The heaviest pressure came from Nippon Electric Glass, which plummeted 17.45%. Fanuc shares fell 14.31%, while TOTO declined 11.97%. Overall, decliners significantly outnumbered gainers on the Tokyo exchange.
Market sentiment was also influenced by the strengthening yen. The USD/JPY pair fell to around 156.76, while EUR/JPY weakened to 180.69. A stronger yen can weigh on the earnings outlook for Japanese companies that rely heavily on exports.
A sharp drop in oil prices was not enough to lift the stock market. WTI fell to around US$79.11 per barrel, while Brent weakened to US$82.82. Meanwhile, gold futures rose to approximately US$4,117.80 per troy ounce.
Newsmaker Analysis: The Nikkei's correction suggests that profit-taking has set in following the previous major rally. A strengthening yen remains a risk for exporter stocks, but falling energy prices and strong interest in chip stocks could help limit the downside for the Japanese market.(asd)
Sumber: Newsmaker.id
