Major tech shares in Tokyo saw a broad recovery on Monday following last week's rout, although SoftBank Group was a notable exception as Chinese regulators blocked its acquisition of the robotics division of Swiss engineering giant ABB, according to a market analyst.
The rally propelled Japan's benchmark Nikkei 225 index up 2.33 percent to close at 58,775.50 points, a significant rebound following a tumultuous week. Last Friday, the index plunged over 3,600 points in its third-largest single-day drop on record.
Timothy Pope, a market analyst at China Global Television Network (CGTN), recapped the market dynamics in Tokyo.
"Over in Tokyo, we saw the Nikkei 225 bounce back 2.3 percent after an absolutely shocking week last week. Most of the major tech stocks in Tokyo recovered somewhat today. SoftBank was the notable exception. It fell almost 5 percent. Chinese regulators blocked its planned 5.4-billion-US-dollar acquisition of Swiss engineering group ABB's robotics division last week. There are reports that the companies are considering a carve-out there, separating the Chinese operations from the deal to try and salvage the rest of the acquisition. But that was not enough to salvage SoftBank's stock price today," he said.
Tokyo tech shares broadly recover on Monday after previous week’s rout: analyst
