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business/news//The Economic Times
Japan's Nikkei share average retreated on Tuesday from a record high hit in the previous session.
The Nikkei hit a record peak of 67,231.28 on Monday before retreating on Tuesday.
KEY POINTS
Kioxia shares jumped nearly 7% ahead of its scheduled investor meeting, reversing earlier losses.
Uncertainty persists over US-Iran ceasefire talks, with Tehran suspending indirect negotiations.
Energy and mining sectors outperformed, with Inpex and mining stocks leading TSE gains.
Synopsis
The Nikkei touched a record peak of 67,231.28 on Monday and posted a record closing high of 66,934.33, roughly 7% above the 25-day moving average, a sign of an overheated market.
Japan's Nikkei share average retreated on Tuesday from a record high hit in the previous session, as investors cautiously assessed Middle East peace talks, with broader geopolitical uncertainties weighing on risk appetite.
The index recovered some of its early losses as high-flying memory-chip maker Kioxia reversed course to jump nearly 7% ahead of a scheduled investor meeting later in the day.
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The Nikkei ended down 0.3% at 66,734.24, after falling as much as 2% earlier in the session. The broader Topix edged down 0.42% to 3,924.24.
The Nikkei touched a record peak of 67,231.28 on Monday and posted a record closing high of 66,934.33, roughly 7% above the 25-day moving average, a sign of an overheated market.
"There was a caution for the Nikkei's sharp rally, and the optimism for the early end of the Middle East conflict weakened and the oil prices rose," said Daisuke Hashizume, senior strategist at Daiwa Securities.
Live Events
Uncertainty looms over the status of ceasefire talks between the U.S. and Iran and the potential reopening of the Strait of Hormuz.
U.S. President Donald Trump said on Monday that talks with Iran were ongoing, while Tasnim news agency reported that Tehran had suspended indirect negotiations with Washington.
In Japan, electronic components maker TDK and robot maker Fanuc fell 2% each, dragging the Nikkei lower the most.
Technology investor SoftBank Group ended 1% higher after choppy trade. Fibre-optic cable maker Fujikura narrowed its loss to fall 2.2%.
Energy stocks bucked the trend, tracking overnight gains in oil prices, with Inpex climbing 4.42%.
Mining jumped 3.75% to become the Tokyo Stock Exchange's top-performing sector.
Bank shares rose, with Mitsubishi UFJ Financial Group and Mizuho Financial Group gaining 0.76% and 2.24%, respectively.
Of the nearly 1,500 stocks trading on the TSE's prime section, 28% rose, 69% fell and 2% traded flat.
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(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
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