Japan's Nikkei reverses early gains as Nvidia supplier Advantest falls

Business Recorder reported that Japan's Nikkei share average gave up its early advance on Thursday, pulled lower by Advantest, a supplier of test equipment to Nvidia. At 0204 GMT the index stood 0.14% lower at 66,170.13. The broader Topix, by contrast, edged up 0.19% to 4,118.69 as buyers favoured value shares.

The index had opened higher after Nvidia shares climbed nearly 5% in extended trading, following a forecast of 70% revenue growth in the coming fiscal year. That rally faded once Advantest, a maker of chip-testing equipment, wiped out its gains and slid 1.96%. Elsewhere, SoftBank Group eased 0.56%, while Fujikura gained 2.83% and Kioxia rose 5.16%.

Breadth was mixed: across more than 1,500 names on the Tokyo Stock Exchange's prime section, 47% advanced, 48% declined and 4% ended flat. Kazuaki Shimada, chief strategist at IwaiCosmo Securities, said investors remain wary of chip stocks after a sharp first-half rally, but sentiment is steady because the Topix's rise suggests money is moving into value shares.