Japan's Nikkei snaps 5-day losing streak on chip-related shares

0 Comment(s)Print E-mail Xinhua, July 11, 2023
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TOKYO, July 11 (Xinhua) -- Tokyo stocks closed mixed on Tuesday with the benchmark Nikkei index up marginally after five straight sessions of losses, as the market was lifted by investors scooping up chip-related stocks.

The 225-issue Nikkei Stock Average rose 13.84 points, or 0.04 percent, from Monday to finish at 32,203.57.

The broader Topix index, meanwhile, closed 6.93 points, or 0.31 percent, lower at 2,236.40.

Decliners were led by transportation equipment, electric power and gas, and pharmaceutical issues, while gainers were farm and fishery, metal product, and precision instrument issues.

Among large-cap automakers, Toyota Motor fell 2.2 percent, while Mazda Motor dropped 3.1 percent.

Heavyweight semiconductor stocks supported the market after the key U.S. semiconductor stock index rose overnight, with chip-testing equipment maker Advantest jumping 4.3 percent and Tokyo Electron gaining 1.1 percent.

Also propping up the market was Sumco, which surged 4.8 percent, following a news report that the Japanese government will give the major producer of silicon wafers a subsidy of up to 75 billion yen (530 million U.S. dollars) to fund additional capacity. Enditem

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