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Japanese shares fall ahead of U.S. holiday; chip, energy stocks weigh

06/19/2022 | 10:44pm EDT

TOKYO, June 20 (Reuters) - Japanese shares fell on Monday, with chip-related and energy stocks leading declines, while investors struggled to find market moving cues due to a U.S. holiday.

By 0158 GMT, the Nikkei share average had fallen 1.4% to 25,606.65, snapping an early gain of as much as 0.7%. The broader Topix was down 1.24% to 1,813.18.

"The indexes gained earlier in the session because investors sought to buy cheap stocks but the trading activities shrank as they struggled to find market moving cues," said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities.

"The momentum didn't last long also due to U.S. market's holiday."

Oil explorers tanked 8.76% and led declines of the Tokyo Stock Exchange's 33 industry sub-indexes, after oil prices tumbled over the weekend.

Inpex lost 8.95%.

Technology and growth stocks dragged the market on concerns about rising interest rates overseas, a strategist at a Japanese brokerate said.

Chip-making equipment maker Tokyo Electron fell 5.87% and dragged the Nikkei the most. Silicon wafer maker Shin-Etsu Chemical slipped 4.82%.

Auto and part makers rose after the yen tumbled against the dollar over the weekend.

Subaru rose 2.38% and was the top gainer on the Nikkei. Toyota Motor and Honda Motor rose 0.92% and 0.67%, respectively.

Heavyweights SoftBank Group Corp rose 1.92 % and Recruit Holdings gained 1.83%.

There were 32 advancers on the Nikkei index against 192 decliners. The volume of shares traded on the Tokyo Stock Exchange's main board was 0.56 billion, compared to the average of 1.36 billion in the past 30 days. (Reporting by Junko Fujita; Editing by Rashmi Aich)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.26% 94.12 Delayed Quote.11.91%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.17% 162.25 Delayed Quote.4.37%
BRITISH POUND / US DOLLAR (GBP/USD) -0.16% 1.19141 Delayed Quote.-10.97%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.20% 105.08 Delayed Quote.14.71%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.11% 0.77135 Delayed Quote.-2.14%
EURO / JAPANESE YEN (EUR/JPY) 0.21% 137.286 Delayed Quote.4.96%
EURO / US DOLLAR (EUR/USD) -0.10% 1.00795 Delayed Quote.-11.27%
HONDA MOTOR CO., LTD. 1.28% 3714 Delayed Quote.13.53%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) 0.28% 1.709285 Delayed Quote.10.18%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.012542 Delayed Quote.-6.16%
INPEX CORPORATION 1.01% 1493 Delayed Quote.47.51%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.26% 0.7028 Delayed Quote.-11.18%
LONDON BRENT OIL -0.58% 96.03 Delayed Quote.18.90%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.17% 84.928 Delayed Quote.7.58%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.16% 0.62351 Delayed Quote.-8.22%
NIKKEI 225 -0.96% 28942.14 Real-time Quote.1.50%
RECRUIT HOLDINGS CO., LTD -1.72% 4917 Delayed Quote.-28.24%
SHIN-ETSU CHEMICAL CO., LTD 0.26% 17330 Delayed Quote.-13.25%
SOFTBANK GROUP CORP. -0.86% 5763 Delayed Quote.7.01%
SUBARU CORPORATION 0.53% 2477 Delayed Quote.19.76%
TOKYO ELECTRON LTD 1.26% 46510 Delayed Quote.-30.72%
TOPIX INDEX 0.21% 1994.52 Delayed Quote.0.74%
TOYOTA INDUSTRIES CORPORATION 0.25% 7970 Delayed Quote.-13.49%
TOYOTA MOTOR CORPORATION 0.23% 2149 Delayed Quote.1.80%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.32% 136.2 Delayed Quote.17.28%
WTI -0.77% 89.936 Delayed Quote.15.49%
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