You are here

Tokyo: Stocks open up 0.49%

[Tokyo] Tokyo stocks opened 0.49 per cent higher on Wednesday, snapping a five-day losing streak on buy-backs and the dollar's uptick against the yen.

The Nikkei 225 index at the Tokyo Stock Exchange, which had lost six percent to reach a two-month low over the past five trading days, was up 73.24 points at 15,009.75 at the start.

"It's fair to say the market is by most respects oversold, and due for at least a modest rebound, especially since the dollar has begun firming up," said Daiwa Securities chief technical strategist Eiji Kinouchi.

The dollar was at 107.25 yen early Wednesday, up from 107.13 yen in New York Tuesday afternoon, following mostly solid US corporate earnings.

The euro has fallen on fresh disappointing German data, buying US$1.2635 and 135.57 yen against US$1.2659 and 135.62 yen in US trade.

US stocks finished mixed Tuesday following a round of mostly solid corporate earnings as the market shifted from a three-day slump.

The Dow Jones Industrial Average inched down 0.04 per cent to 16,315.19, while the broad-based S&P 500 gained 0.16 per cent to 1,877.70. AFP