Japanese shares fall on Wall Street tech rout

TOKYO, Sept 4 (Reuters) – Japanese shares fell on Friday, after a sell-off in high-flying U.S. technology stocks dragged Wall Street’s main indexes to their sharpest decline in nearly three months.

The benchmark Nikkei share average declined 0.96% to 23,240.95, retreating from its highest close since Feb. 21 hit in the previous session. Declining issues outnumbered advancers by 163 to 58 on the index.

In the broader market, Topix lost 0.73% to 1,619.33, with nearly two-thirds of the 33 sector sub-indexes on the Tokyo exchange trading in negative territory.

For the week, the Nikkei index has gained nearly 1.6% and Topix has climbed 0.9%.

By sectors, precision instruments, information and telecoms, and services were the three underperformers on the main bourse, down 1.94%, 1.60% and 1.52%, respectively.

Overnight, Wall Street’s main indexes posted their biggest single-day percentage declines since June, dragged by heavy losses across the technology sector.

The Nasdaq Composite lost almost 5% a day after it posted a record close, with heavyweights including Apple Inc , Microsoft Corp and Amazon Inc weighing the most.

The top percentage loser on the Nikkei index was semiconductor manufacturer Alps Alpine Co with a drop of around 4%.

Also weighing on Tokyo-listed technology sector was an overnight drop in the Philadelphia chip index, which fell almost 6%.

Tokyo Electron dipped 2.47% and SoftBank Group Corp lost 2.66%, while Murata Manufacturing Co was down 1.88%.

Meanwhile, Honda Motor Co climbed 2.71% after it revealed its plans with U.S. General Motors to team up in North America to jointly develop a range of vehicles.

Toyota Motor also firmed, up 1.07%, as its sales in China surged last month.

Elsewhere, the index of Mothers start-up market slipped 2.87% to 1,136.89%. (Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu)

Source: Read Full Article