Tokyo: Shares close higher on rebound in Shanghai stocks

[TOKYO] Tokyo stocks closed higher on Tuesday as investors breathed a sigh of relief over a recovery on the coronavirus-hit Shanghai market.

The benchmark Nikkei 225 index rose 0.49 per cent, or 112.65 points, to 22,084.59, while the broader Topix index was up 0.69 per cent, or 11.58 points, at 1,684.24.

"A rebound in Shanghai shares made Tokyo investors feel comfortable enough to buy back shares," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"It's too early to pre-judge but selling pressure eased at least today," Mr Horiuchi told AFP.

The US dollar fetched 108.83 yen in Asian afternoon trade, against 108.68 yen in New York.

In Tokyo, Panasonic soared 10.04 per cent to 1,183.5 yen after it left its full-year earnings forecast intact despite the deadly coronavirus outbreak.

Toyota rose 0.77 per cent to 7,639 yen on bargain-hunting following recent sharp declines.

Sony edged down 0.03 per cent to 7,700 yen. Just after the closing bell, the firm said its profit and sales declined for nine months to December but upgraded its annual forecast.

Some China-related shares were lower, with construction machine maker Komatsu losing 1.17 per cent to 2,389 yen, industrial robot maker Fanuc slipping 1.34 per cent to 20,105 yen and parts maker Rohm down 0.12 per cent at 7,910 yen.

AFP