Japan’s Nikkei share average reversed early gains on Thursday, weighed down by chip-testing equipment maker Advantest, while the broader Topix edged higher as investors shifted towards value stocks, according to a report by Reuters.
The Nikkei was down 0.14% at 66,170.13 as of 0204 GMT, while the Topix rose 0.19% to 4,118.69.
The Nikkei opened higher after Nvidia shares climbed nearly 5% in extended trading following the U.S. chipmaker’s forecast for a 70% increase in revenue next fiscal year. However, the Japanese benchmark later turned lower as Advantest gave up its early gains and slipped 1.96%.
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Technology investor SoftBank Group also declined 0.56%.
According to Reuters, investors remained cautious about buying chip-related stocks following their sharp gains during the first half of the year. The broader market remained relatively firm, however, with gains in the Topix indicating a rotation towards value stocks.
Financial stocks advanced, with Mitsubishi UFJ Financial Group rising 0.5% and Sumitomo Mitsui Financial Group gaining 0.7%.
Fujikura, a maker of fibre-optic cables, climbed 2.83%, while memory-chip manufacturer Kioxia gained 5.16%.
Of more than 1,500 stocks traded on the Tokyo Stock Exchange’s Prime Market, 47% were higher, 48% were lower and 4% were unchanged.
