TOKYO: Tokyo stocks opened higher Thursday as investors snapped up shares at bargain prices after the previous day’s fall, and as the market gained support from rallies on Wall Street.
The benchmark Nikkei 225 index edged up 0.37 percent, or 84.08 points, to 22,997.90 in early trade while the broader Topix index was up 0.30 percent, or 5.47 points, at 1,823.07.
Mitsubishi UFJ rose modestly at the open on reports it would invest some $1.8 billion in an Indonesian bank, but soon lost steam.
“Foreign investors are actively buying Japanese shares” that are relatively cheap compared to shares in foreign markets, Hiroaki Hiwata, strategist at Toyo Securities, told AFP.
Sound corporate earnings reports over the past few days and expectations for other positive results are also lending support to the market, analysts said.
Tokyo Electron, a chip-making equipment manufacturer, jumped 3.56 percent to 23,440 yen and industrial robot maker Fanuc rose 1.20 percent to 28,795 yen.
Uniqlo casual brand operator Fast Retailing was up 2.57 percent at 40,700 yen. It is scheduled to announce its first quarter results on November 30.
Wall Street inched to another record close on Wednesday, with the Dow finishing at its fifth straight all-time high at 23,563.36.
The dollar was trading at 114.03 yen, up from 113.87 yen in New York.
Source: Brecorder.com
