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Tokyo’s Nikkei index trims early losses to end flat

Tokyo’s Nikkei index trims early losses to end flatTOKYO: Tokyo’s benchmark stock index closed flat Thursday, trimming early losses after the news that China and the US would hold trade talks.

The key Nikkei 225 index, which dropped 1.20 percent in early trade, was down 0.05 percent or 12.18 points to end at 22,192.04. The broader Topix index lost 0.64 percent or 10.88 points at 1,687.15.

“It is hard to tell how the talks will go but it’s a positive signal that the two countries are looking for some compromise plan,” said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute.

The commerce ministry in Beijing said Thursday that China will send a senior negotiator to the United States later this month to resume trade talks.

“If they were determined to fight it out, they wouldn’t meet,” Sengoku told AFP, while noting the current thin trading volume contributed to big price swings.

Global stocks fell Wednesday as investors fled riskier assets amid renewed worries over Turkey.

Turkey said it was hiking tariffs on imports of several key US products in retaliation for American sanctions, as the bitter dispute between the two allies that has battered the Turkish lira showed no sign of ending.

The dollar was trading at 110.81 yen, up from 110.73 yen in New York Wednesday afternoon.

In individual stocks trade, game companies continued to fall after China’s regulators have reportedly frozen approvals of game licences amid a government shake-up.

Nintendo fell 1.00 percent to 34,500 yen and Sony lost 0.88 percent to 5,947 yen.

Toyota was down 0.58 percent at 6,775 yen, while Uniqlo operator Fast Retailing jumped 2.14 percent to 49,270 yen.

Copyright AFP (Agence France-Press), 2018

Source: Brecorder

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