October 23, 2019 / 3:17 AM / 20 days ago

Nikkei holds near 10-1/2-mth high; chip-related stocks weak

TOKYO, Oct 23 (Reuters) - Japan’s Nikkei share average was little changed on Wednesday, running out of steam after climbing to a 10-1/2-month high, with weak chip-related stocks preventing further gains after disappointing results from Texas Instruments.

The benchmark Nikkei average eased marginally to 22,540.56 by the midday break, still near Thursday’s high which marked the best level since Dec. 3.

The broader Topix added 0.1% to 1,630.15.

Tokyo-listed semiconductor-related shares were hit hard, with Rohm and Tokyo Electron sliding 4.9% and 3.6%, respectively, as Texas Instruments slumped nearly 10% in after-hour trading overnight.

The leading American chip designer on Tuesday forecast current-quarter revenue well below estimates, in a fresh sign that the global microchip industry is being squeezed by a downturn in demand as well as a prolonged U.S.-China trade dispute.

The Nikkei heavyweight Softbank Group shed 2.6% as the tech conglomerate agreed to spend $10 billion to take over U.S. office-space sharing startup WeWork on Tuesday, doubling down on an ill-fated investment and paying off its co-founder Adam Neumann to relinquish control.

Eisai was quoted up 18.1% at its daily-limit high, still untraded with a glut of buy orders for the Japanese drugmaker, after its partner Biogen revived plans on Tuesday to seek U.S. approval for Alzheimer’s treatment aducanumab, which surprised investors and sent the U.S. pharma firm’s share up 27% overnight. (Reporting by Tomo Uetake; Editing by Simon Cameron-Moore)

Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below