Japan's Nikkei rises as chip-related shares track Nvidia higher
TOKYO, Nov 22 (Reuters) -Japan's Nikkei share average rose on Friday after two straight sessions of falls, as chip-related stocks tracked artificial intelligence darling Nvidia higher.
The Nikkei .N225 had gained 1.02% to 38,415.32 by the midday break, but was set to fall 1.6% for the week.
The broader Topix .TOPX rose 0.8% to 2,704.34, but was poised for a 1% weekly loss.
"Nvidia's gains lifted sentiment and investors bought back Japanese stocks," said Naoki Fujiwara, senior general manager at Shinkin Asset Management.
"And it was time for making active bets after the Nikkei fell below 38,000 in the previous session."
The Nikkei index hit a low of 37,945.21 in intraday trade on Thursday, falling below 38,000 for the first time since Nov. 1. The index closed at its lowest since Oct. 25.
Wall Street's main indexes closed higher after a choppy session on Thursday, with the blue-chip Dow and the S&P 500 hitting one-week tops. .N
Shares of Wall Street's biggest company, Nvidia NVDA.O, climbed 0.5% after teetering following the earnings release on Wednesday. The U.S. semiconductor index .SOX rose 1.6%.
In Japan, chip-making equipment maker Tokyo Electron 8035.T jumped 2.5%. Chip-testing equipment maker Advantest 6857.T rose 1.78%. Chip materials maker Resonac 4004.T jumped 3.84%.
All but three of the Tokyo Stock Exchange's 33 industry sub-indexes rose, with refiners .IPETE.T rising 3.25% to become the top performer.
The drug sector .IPHAM.T slipped 0.1% and was the worst performer, with Daiichi Sankyo 4568.T falling 0.94% to weigh the most on the Topix. Chugai Pharmaceutical 4519.T lost 0.91%.
Of the 225 stocks on the Nikkei, 172 rose and 50 fell, with three trading flat.
Reporting by Junko Fujita; Editing by Subhranshu Sahu
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