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Japanese shares fall on Wall Street tech rout

09/03/2020 | 11:11pm EST

TOKYO, Sept 4 (Reuters) - Japanese shares fell on Friday, after a sell-off in high-flying U.S. technology stocks dragged Wall Street's main indexes to their sharpest decline in nearly three months.

The benchmark Nikkei share average declined 0.96% to 23,240.95, retreating from its highest close since Feb. 21 hit in the previous session. Declining issues outnumbered advancers by 163 to 58 on the index.

In the broader market, Topix lost 0.73% to 1,619.33, with nearly two-thirds of the 33 sector sub-indexes on the Tokyo exchange trading in negative territory.

For the week, the Nikkei index has gained nearly 1.6% and Topix has climbed 0.9%.

By sectors, precision instruments, information and telecoms, and services were the three underperformers on the main bourse, down 1.94%, 1.60% and 1.52%, respectively.

Overnight, Wall Street's main indexes posted their biggest single-day percentage declines since June, dragged by heavy losses across the technology sector.

The Nasdaq Composite lost almost 5% a day after it posted a record close, with heavyweights including Apple Inc , Microsoft Corp and Amazon Inc weighing the most.

The top percentage loser on the Nikkei index was semiconductor manufacturer Alps Alpine Co with a drop of around 4%.

Also weighing on Tokyo-listed technology sector was an overnight drop in the Philadelphia chip index, which fell almost 6%.

Tokyo Electron dipped 2.47% and SoftBank Group Corp lost 2.66%, while Murata Manufacturing Co was down 1.88%.

Meanwhile, Honda Motor Co climbed 2.71% after it revealed its plans with U.S. General Motors to team up in North America to jointly develop a range of vehicles.

Toyota Motor also firmed, up 1.07%, as its sales in China surged last month.

Elsewhere, the index of Mothers start-up market slipped 2.87% to 1,136.89%. (Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPS ALPINE CO., LTD. 1.18% 1459 End-of-day quote.7.44%
AMAZON.COM, INC. 1.34% 3306.99 Delayed Quote.1.54%
APPLE INC. 3.67% 136.87 Delayed Quote.-0.50%
DJ INDUSTRIAL -0.04% 31176.01 Delayed Quote.1.06%
GENERAL MOTORS COMPANY -1.40% 55.08 Delayed Quote.32.28%
HONDA MOTOR CO., LTD. 1.51% 2892 End-of-day quote.0.50%
MICROSOFT CORPORATION 0.28% 224.97 Delayed Quote.0.86%
MURATA MANUFACTURING CO., LTD. 1.78% 10555 End-of-day quote.13.25%
NASDAQ 100 0.82% 13404.986468 Delayed Quote.4.01%
NASDAQ COMP. 0.55% 13530.914939 Delayed Quote.4.41%
NIKKEI 225 -0.44% 28631.45 Real-time Quote.4.78%
S&P 500 0.03% 3853.07 Delayed Quote.2.55%
SCREEN HOLDINGS CO., LTD. -1.47% 8740 End-of-day quote.15.00%
SOFTBANK GROUP CORP. 2.90% 8946 End-of-day quote.11.02%
TOKYO ELECTRON LIMITED -0.72% 44210 End-of-day quote.15.13%
TOYOTA INDUSTRIES CORPORATION 1.43% 8500 End-of-day quote.3.79%
TOYOTA MOTOR CORPORATION 0.75% 7744 End-of-day quote.-2.68%
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