[Today's Market] April 14 — This is the "semiconductor market": only the indices rise
The Tokyo market on the 14th continued to buy from the open.
The Nikkei Stock Average ended trading at 57,877 yen, up 1,374 yen from the previous day.
It was precisely a typical market that could be called a “semiconductor rally.”
In the U.S. market the previous day, reports that Iran and the United States were negotiating behind the scenes sparked expectations of an end to the conflict, leading to buying, with funds especially concentrated in semiconductor stocks.
Dow Jones Industrial Average・Nasdaq Compositeboth finished higher.
Following this trend, the Tokyo market also opened with a semiconductor-led stance.
Individually, Tokyo Electron is once again soaring.
Advantest and SoftBank Group are also strong,
and just these two names pushed the Nikkei average up by about 900 yen.
Looking at the index alone, it was a quite strong day.
On the other hand, TOPIX and the Growth 250 index struggled to rise.
There was little breadth in price movements.
The index was strong, but the overall market wasn’t necessarily so.
You must have felt this discrepancy.
Moreover, crude oil fell to the 96-dollar range.
The dollar-yen rate hovered around 158, signaling a slight yen-strengthening direction.
From the material alone, it also appeared to be stabilizing.
Still, funds are concentrated in semiconductors.
When semiconductors are bid up, other sectors are hard to bid up.
This is a pattern that has repeated many times.
◆Today's Market Summary
・Nikkei average up 1,374 yen to 57,877 yen
・U.S. market rose led by semiconductors
・Tokyo market also focused on semiconductors
・Two main stocks helped push the index higher
・TOPIX and Growth lagged
・Oil declined, yen strength direction also concentrated funds in semiconductors
◆Investor Notes
Today’s gains are more biased than they appear.
The index is strong.
But the overall market isn’t necessarily so.
This is the structure.
As long as funds are concentrated in semiconductors, funding for other stocks is hard to come by.
It’s easy to feel, “The index is rising, but my holdings aren’t.”
That is a situation that tends to arise.
And there is one more point of concern.
The market already carries an atmosphere of pricing in post-war conditions.
Today’s rise may also be driven by that speculation.
Do not be dragged solely by the strength of the index.
Calmly assess where funds are concentrating.
This is important.
As investors, rather than rushing to chase, it is essential to identify where funds are currently gathering.
I would like to maintain this perspective.