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Tokyo stocks open higher as focus shifts to earnings

Tokyo stocks open higher as focus shifts to earningsTOKYO: Tokyo stocks opened higher on Monday as investor focus began shifting to Japanese corporate earnings due in coming days.

The benchmark Nikkei 225 index edged up 0.30 percent, or 70.99 points, to 23,702.87 in early trade while the broader Topix index was up 0.07 percent, or 1.33 points, at 1,880.72.

Investors are “hunting best buys from among individual shares,” SBI Securities said in a commentary, noting that investors are cautious about a higher yen that could have negative impact on exporters.

The dollar changed hands at 108.55 yen, down from 108.63 yen in New York late Friday, and 109.20 yen in Tokyo earlier Friday.

Japanese e-commerce giant Rakuten was up 0.88 percent at 1,029 yen after a report said it would acquire a Nomura-owned property insurer.

Sony was up 0.60 percent at 5,317 yen and Panasonic was up 0.45 percent at 1,666.5 yen.

On Friday, all three US major indices surged to new records following strong earnings reports from Intel and other companies, with the Dow closing up 0.9 percent at 26,616.71.

Copyright AFP (Agence France-Press), 2018

Source: Brecorder.com

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