Japan’s Nikkei share gauge experienced a decline for the third consecutive session on Monday, as chip-related shares persisted in their downward trend, while energy-linked shares saw an uptick due to rising oil prices. The benchmark Nikkei 225 slid 0.80% to close at 62,189.65, marking its lowest closing level since July 30. The broader Topix edged up 0.18% to 3,972.98. US share gauges concluded the trading session on Friday with declines; however, the S&P 500 energy sector experienced a notable increase of 2.5%, reaching a new record high. Oil prices declined from a six-month peak on Monday, following reports of Qatari mediators visiting Tehran to facilitate de-escalation in collaboration with the United States.
This development comes in the wake of heightened Houthi attacks on Saudi Arabia, which have raised concerns regarding supply. “The Nikkei Stock Average is showing signs of short-term technical undervaluation,” analyst Satoshi Saito said in a note. “Stocks may see phases of short-term rebound, but with several concerns in the background, the recovery may remain sluggish for now.” The market was also influenced by the latest in a series of cyberattacks that have disrupted internet services and resulted in the leakage of customer information. GMO Internet Group opens a new tab indicating that customers will receive compensation for losses incurred due to unauthorised access following an attack on its foreign exchange trading service.
Its shares plunged 15.65%, marking the steepest decline since March 2011. Breadth was predominantly favourable on the Nikkei; however, the substantial influence of technology shares exerted downward pressure on the index. The gauge recorded 149 gainers and only 73 decliners. The largest losers were online retailer Mercari, down 6.21%, followed by Screen Holdings, which fell 4.34%, and Kokusai Electric, which experienced a decline of 4.29%. The biggest winners were energy explorer Inpex, up 4.90%, followed by internet security firm Trend Micro, which rose 4.20%, and Mitsubishi Corp, which gained 4.14%.
