Nikkei tumbles as tech shares hit by regulatory scare
Wednesday, 28 March 2018 10:19 WIB | MARKET UPDATE |Nikkei 225Saham Jepang

Japanese stocks tumbled on Wednesday morning, led by a sell-off in tech firms after their U.S. counterparts skidded on concerns over government regulation, while shares going ex-dividend added to the broader losses in Tokyo.

The Nikkei share average dropped 1.7 percent to 20,951.42 in midmorning trade.

About 160 points were shaven off the Nikkei due to adjusted prices for stocks going ex-dividend, according to market participants. High-yielding stocks including automakers, banks and securities firms underperformed.

Toyota Motor dropped 3.0 percent, Nissan Motor fell 3.2 percent, Mitsubishi UFJ Financial Group shed 2.4 percent, SMFG declined 3.0 percent and Daiwa Securities was off 2.7 percent.

Tech shares stumbled, with semiconductor equipment makers Tokyo Electron and Advantest Corp both sliding 4.7 percent.

Source: Reuters

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