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Japans Nikkei fell to a one month low on Friday

2018-08-10 06:52 am | Resource: NEWS | No Views : 218

Japan's Nikkei fell to a one-month low on Friday as semiconductor-related stocks fell after Morgan Stanley cut its US chip outlook, offsetting any support from Japan's better-than-expected economic growth.

The Nikkei was down 1.3 percent at 22,298.08, its lowest close since July 12. During the week, it fell by 1 per cent.

In late trading, equity selling accelerated after the Yen rallied against the Dollar as investors became risk averse.

The Turkish lira hit its lowest level ever at 5.75 on Friday after a meeting the day before between a Turkish delegation and US officials in Washington that produced no clear solution to the diplomatic frenzy over the US priest's detention in Turkey.

The dollar was down 0.1 percent at 110.98 yen, up from a high of 111.165.

Tokyo chip makers fell 3.6 percent, Advantest Corp. rose 4.9 percent and Holding Holding Inc rose 3.9 percent, while Somco Corp., the maker of silicon chips, fell 4.7 percent.

Morgan Stanley lowered its view of the US semiconductor industry to "cautious" from "in line," saying it could not see a big rise in its estimates in part because of increased trade tensions.

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