TOKYO, Nov. 9 — Tokyo stocks ended higher on Monday, with the benchmark Nikkei stock index rising more than 3 percent at one point as investors bought back artificial intelligence- and semiconductor-related shares after the index plunged over 3,600 points last Friday in its third-largest point drop on record.
The 225-issue Nikkei Stock Average rose 1,340.73 points, or 2.33 percent, from Friday to close at 58,775.50.
The broader Topix index, meanwhile, finished 110.17 points, or 2.97 percent, higher at 3,818.16.
The rally tracked a late-week rebound on Wall Street, where technology shares regained some ground after heavy selling pressure amid concerns about tighter regulation of data center construction and AI investment following the U.S. midterm elections.
Buying spread across a broad range of issues as investors moved in to pick up bargains following the market’s steep losses.
Heavyweights Advantest, Tokyo Electron and Fast Retailing were among the top gainers, while stocks of companies that reported strong earnings also attracted buying.
However, some analysts described the rebound as “weak,” saying the outlook for technology shares has become uncertain, which clouds the market’s near-term direction.
(Namibia Daily News/Xinhua)
