Japanese stocks closed lower on Friday after the semiconductor sector was hit by a sell-off due to concerns about overvaluation and a weakening Philadelphia Semiconductor Index. The Topix fell 1.8% to 3,197.59, while the Nikkei fell 1% to 48,088.80. Sony Group was the biggest drag on the Topix, falling 4%. Of the 1,672 stocks on the Topix, 155 rose, 1,490 fell, and 27 remained unchanged—indicating widespread selling pressure.
In corporate stocks, Seven & i fell 3.5% after cutting its full-year forecast below analyst expectations due to a weakening domestic convenience store business. Conversely, Fast Retailing (Uniqlo) surged 6.7% thanks to better-than-expected quarterly earnings, which helped ease concerns about US tariffs. According to Ryuta Otsuka of Toyo Securities, the current profit-taking is "reasonable" after the previous rally. (az)
Source: Newsmaker.id
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