Japan's Nikkei slips as Kioxia tumbles 13%; Tokyo Electron, Panasonic limit
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Japan’s Nikkei slipped as Kioxia plunged 13.29% following a disappointing earnings outlook, while banking stocks also weakened. Gains in Tokyo Electron and Panasonic, supported by upbeat profit forecasts and AI-related demand, limited losses. Broader investor sentiment remained cautious following Wall Street’s technology selloff and concerns over AI investment sustainability.
Japan's Nikkei average traded lower on Monday, weighed down by a sharp decline in memory chip maker Kioxia after a disappointing earnings outlook, while gains in Tokyo Electron and Panasonic helped limit losses, according to a report by Reuters.The Nikkei 225 fell 0.31% to 63,095.11 at the midday break, while the broader Topix index declined 0.84% to 3,931.61.
As on 31 Oct 2026, 01:30 AM IST
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Intel65.76(-28.58%)Datadog235.27(-11.50%)Qualcomm164.79(-11.12%)Advanced Micro Devices504.80(-10.88%)According to the report, investor sentiment was subdued following a decline on Wall Street last week and disappointing corporate results from Kioxia. However, stronger-than-expected earnings and upbeat forecasts from some Japanese companies provided support to the benchmark index.
Kioxia shares plunged 13.29%, emerging as the biggest drag on the Nikkei, after the memory chip maker's outlook for the quarter through December fell short of investor expectations.
Also Read | Global Market Today: Asian shares bend under AI stress; Apple earnings loom
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In contrast, Tokyo Electron gained 5.11% after the semiconductor equipment maker forecast a 50% increase in annual group net profit, exceeding analysts' expectations.
Panasonic Holdings advanced 5.16% after raising its full-year operating profit forecast by 20% to 710 billion yen ($4.51 billion). The company's improved outlook was supported by several factors, including stronger-than-expected demand related to artificial intelligence.
The weakness in Japanese equities came after a sharp selloff in US markets on Friday. The Nasdaq recorded its biggest single-day percentage decline since June 5, as disappointing quarterly results from Intel and Amazon intensified concerns over the sustainability of massive artificial intelligence-related investments by major technology companies.
Banking stocks also came under pressure, with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group each declining more than 2%.
Also Read |Wall Street drops to its worst day since June after the sell-off for tech stocks deepens
Market breadth remained weak on the Tokyo Stock Exchange's Prime Market. Of more than 1,500 stocks traded, 28% advanced, 68% declined and 3% remained unchanged, according to the report.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
