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Tokyo stocks open higher on bargain hunting

Tokyo stocks open higher on bargain huntingTokyo: Tokyo stocks opened higher on Wednesday extending rallies in New York as investors hunted bargains after recent dips, while watching corporate earnings reports.

The benchmark Nikkei 225 index was up 0.45 percent or 96.11 points at 21,553.40 in early trade, while the broader Topix index was up 0.56 percent or 9.10 points at 1,620.56.

“Following rallies in US shares, expectations that Japanese shares have bottomed out are prompting bargain-hunting purchases,” Yoshihiro Ito, chief strategist at Okasan Online Securities said.

The cheaper yen against the dollar is also supporting the market, analysts said.

The dollar fetched 113.08 yen in early Asian trade, against 112.97 yen in New York late Tuesday.

In Tokyo, Sony surged 5.32 percent to 6,174 yen after it reported its net profit nearly doubled to hit a record high in the six months to September.

Game giant Nintendo was down 2.95 percent at 34,210 yen after it reported net profit for the six months to September of 64.6 billion yen ($574 million), while maintaining its annual forecast at net profit of 165 billion yen.

Nippon Steel and Sumitomo Metal was up 0.16 percent at 2,068.5 yen, shrugging off news that South Korea’s top court ordered the company to pay compensation over forced wartime labour, which Japan immediately denounced as a violation of international laws.

Mitsubishi UFJ Financial Group (MUFG) was up 1.03 percent at 670.7 yen after the Commonwealth Bank of Australia announced the sale of its global wealth management business to Mitsubishi UFJ Trust and Banking, a MUFG unit.

Japan’s factory output was down 1.1 percent in September from the previous month, the first decline in the past two months, according to official data released 10 minutes before the opening bell.

In New York, the Dow closed up 1.8 percent at 24,874.64.

Copyright AFP (Agence France-Press), 2018

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Source: Brecorder

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