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Tokyo: Shares close 0.89% higher
[TOKYO] Tokyo stocks rose 0.89 per cent on Monday, tracking a positive lead from Wall Street, as higher oil prices lifted confidence while investors hoped the European Central Bank will announce fresh stimulus this week.
The Nikkei 225 index at the Tokyo Stock Exchange climbed 150.13 points to 17,014.29, while the Topix index of all first-section shares added 0.64 per cent, or 8.68 points, to 1,372.41.
US shares jumped on Friday as oil prices rebounded, snapping a five-day losing streak that had left the equity market looking oversold.
But investors cast a wary eye on China, where the benchmark stock index plunged seven per cent after regulators cracked down on rule violations for margin trading, which has helped fuel an extended rally. Hong Kong was also down in the afternoon.
In Tokyo share trading on Monday, Sony jumped 2.49 per cent to close at 2,443.5 yen, Canon rose 0.79 per cent to 3,787.5 yen, while energy giant Inpex added 2.34 per cent to 1,264.5 yen.
Sharp, however, tumbled 8.73 per cent to 230.0 yen after the leading Nikkei business daily said the electronics maker would lose money in its fiscal year through March due to a slump in its television business.