Japan's Nikkei slips as Kioxia tumbles 13%; Tokyo Electron, Panasonic limit losses

Japan's Nikkei average traded lower on Monday, weighed down by a sharp decline in memory chip maker Kioxia after a disappointing earnings outlook, while gains in Tokyo Electron and Panasonic helped limit losses, according to a report by Reuters.The Nikkei 225 fell 0.31% to 63,095.11 at the midday break, while the broader Topix index declined 0.84% to 3,931.61.US MarketsPowered ByAs on 31 Oct 2026, 01:30 AM ISTS&P 500 Top GainersRegeneron Pharmaceuticals927.89(13.33%)Global Payments96.84(12.97%)GoDaddy117.24(10.72%)Mohawk Industries139.41(7.25%)Gainers»S&P 500 Top LosersIntel65.76(-28.58%)Datadog235.27(-11.50%)Qualcomm164.79(-11.12%)Advanced Micro Devices504.80(-10.88%)Losers»According to the report, investor sentiment was subdued following a decline on Wall Street last week and disappointing corporate results from Kioxia.

However, stronger-than-expected earnings and upbeat forecasts from some Japanese companies provided support to the benchmark index.Kioxia shares plunged 13.29%, emerging as the biggest drag on the Nikkei, after the memory chip maker's outlook for the quarter through December fell short of investor expectations.11% after the semiconductor equipment maker forecast a 50% increase in annual group net profit, exceeding analysts' expectations.Panasonic Holdings advanced 5.16% after raising its full-year operating profit forecast by 20% to 710 billion yen ($4.51 billion).

The company's improved outlook was supported by several factors, including stronger-than-expected demand related to artificial intelligence.The weakness in Japanese equities came after a sharp selloff in US markets on Friday. The Nasdaq recorded its biggest single-day percentage decline since June 5, as disappointing quarterly results from Intel and Amazon intensified concerns over the sustainability of massive artificial intelligence-related investments by major technology companies.Banking stocks also came under pressure, with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group each declining more than 2%.

Of more than 1,500 stocks traded, 28% advanced, 68% declined and 3% remained unchanged, according to the report.(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)(You can now subscribe to our ETMarkets WhatsApp channel)