Japans Nikkei fell to a one month low on Friday
2018-08-10 06:52 am | Resource: NEWS | No Views : 126
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.
Time frame Used - four hours The NASDAQ 100 is moving in a sideway direction in the near term The NASDAQ 100 faced resistance and selling pressure around the 7210 level to retreat to the 6979 level In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area Accordingly, we expect that the NASDAQ 100 will test level of …
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