Nikkei Briefly Rallies over 1,600 Points in Morning

(Adnkronos) - Tokyo, July 9 (Jiji Press)--Japan's benchmark Nikkei 225 stock average briefly rallied over 1,600 points on Thursday morning, led by artificial intelligence-related stocks following overnight rises in U.S. technology issues. The index of 225 selected issues listed on the Tokyo Stock Exchange's Prime section finished the morning at 68,180.55, up 1,361.50 points, or 2.03 pct, from Wednesday's close. In the U.S. market overnight, AI-related issues attracted buying after a report that the Chinese government plans to allow some Chinese companies to buy advanced AI semiconductors from Nvidia Corp. Apple Inc.'s new multiyear contract with Broadcom Inc. for dedicated semiconductor chips also buoyed investor sentiment. In Tokyo, the Nikkei average also surged on "expectations for AI-related earnings growth," said an official of a major securities firm, adding, however, that rising oil prices and interest rates weighed on the overall market as the United States and Iran resumed fighting. Higher oil prices and interest rates dragged down transportation equipment, air transportation, and real estate stocks. END [Copyright The Jiji Press, Ltd.]