Japan’s Nikkei closes at lowest level in over a week on chip stocks
Japan’s Nikkei closed Thursday at its lowest level in more than a week on chip stocks as Socionext fell to a daily low after its largest shareholders sold their entire stake in the fast-growing company. company.
The Nikkei fell 1.7% to close at 32,773.02, its lowest level since June 27, after posting its biggest daily decline since June 7.
The broader Topix index fell 1.26% to 2277.08.
Socionext shares plummet as major shareholders sell stake
Socionext shares tumbled 22.78% and stock trading halted for most of the session after its major shareholders, including Panasonic Holdings and the Japan Development Bank, announced they would sell their entire stake worth 280 billion yen (1. $94 billion).).
Socionext, which went public in October last year, is up nearly 200% this year, becoming one of the iconic chip-related stocks that helped the Nikkei hit a 33-year high.
