TOKYO: Japan’s Nikkei share average oscillated between small gains and losses on Tuesday, as gains in chip-related stocks offset declines by heavyweights such as Uniqlo owner Fast Retailing and Nissan Motor.
Three of the Nikkei’s four biggest supports were in the semiconductor sphere, led by chipmaking-equipment giant Tokyo Electron, as they tracked a record rally in US peer Nvidia.
However, Nissan slumped more than 4% after an update to its medium-term business plan post a market close on Monday that underwhelmed investors.
Fast Retailing sagged 1.5%, continuing its retreat this week from Friday’s record high. The Nikkei was little changed at 40,422.23 as of 0143 GMT, following Monday’s 1.16% drop back from Friday’s fresh all-time peak of 41,087.75. Of the index’s 225 components, 119 rose, 102 fell and four were flat. The broader Topix was last up 0.22%, after starting the day lower.
Noting support from the upward-pointing five-day moving average at around 40,530, “I think it would be quite difficult for the Nikkei to turn lower,” said Kazuo Kamitani, an equity strategist at Nomura Securities.
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