Tokyo Stock Exchange: closes down 1.79 per cent, weighed down by technology shares and concerns over AI
(Il Sole 24 Ore Radiocor) - The Japanese stock market closed lower, weighed down by technology shares, amid concerns over investment in artificial intelligence and the possibility of stricter regulation in the United States following the Democrats’ victories in the mid-term elections. The Nikkei 225 index closed down 1.79 per cent at 61,077.90 points.
Sentiment was also weighed down by the Chinese authorities’ failure to approve SoftBank’s $5.4 billion acquisition of ABB’s robotics division. This was compounded by a sharp sell-off in South Korea, where the KOSPI index plummeted by more than 5 per cent, triggering a trading halt and fuelling risk aversion across the entire region. Bucking the trend, Toyota Motor jumped 16.68% after revising its full-year profit forecast upwards.
On the economic front, Japan’s services sector purchasing managers’ index rose to 51.7 points in October, up from 51.3 in September; the figure is lower than the preliminary reading of 52.0, according to S&P Global. The composite output index fell to 52.1 from 52.3. Readings above 50 indicate expansion.
Red-Sim
