Tokyo stocks rebound on strong semiconductor shares

TOKYO, Oct. 9 (Xinhua) — Tokyo stocks rebounded Wednesday as the semiconductor industry led the gains, tracking the strong performance of tech shares in the U.S. markets and boosted by a weak yen.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, gained 0.87 percent, or 340.42 points, to close at 39,277.96.
The market rallied in the morning session, mainly driven by the rise in U.S. tech stocks overnight, before paring gains in the afternoon as profit-taking kicked in.
Semiconductor-related stocks like Tokyo Electron surged due to positive sales reports from industry giant Taiwan Semiconductor Manufacturing Company (TSMC).
Many investors held back from making large moves, preferring to wait for the release of the U.S. consumer price index for September, analysts noted.
The broader Tokyo Stock Price Index (TOPIX) rose 8.09 points, or 0.3 percent, to finish at 2707.24.
Of the listed stocks on the top-tier Prime Market, 886 gained, 720 retreated, and 39 remained unchanged. ■