9 hours ago
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- Business Recorder
Japan's Nikkei trades lower as uncertainties in Middle East conflict weigh
TOKYO: Japan's Nikkei share average reversed early gains to trade lower on Friday as geopolitical risks surrounding the Middle East conflict weighed on sentiment.
As of 0208 GMT, the Nikkei was down 0.1% at 38,442.36, after rising as much as 0.4% earlier in the session.
The index is set to rise 1.6% for the week. The broader Topix fell 0.29% to 2,784.02 but is on course to post a 1% weekly gain.
'With the absence of market-moving catalysts, uncertainties surrounding the Middle East tensions dragged investor sentiment,' said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
The White House said on Thursday that US President Donald Trump will make a decision within the next two weeks whether to support Israel in its ongoing conflict with Iran.
'On top of the uncertainties about the conflict in the region, the outlook of the US tariff plans remains unclear,' said Arisawa. Uniqlo-brand owner Fast Retailing fell 2.1%, dragging the Nikkei the most. Game maker Konami Group lost 1.7%.
Department store operator Retailing fell 2.87% to become the worst performer of the Nikkei.
Nikkei hits four-month high on weaker yen
Chip-testing equipment maker Advantest jumped 4.6% to become the biggest support to the Nikkei.
Chip-making equipment maker Tokyo Electron reversed early gains to trade 0.25% lower.
Machinery maker Amada rose 5% to become the top performer of the Nikkei.
Of more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 37% rose and 57% fell, while 4% traded flat.
