Tokyo: Stocks open higher on bargain hunting

[TOKYO] Tokyo stocks opened higher on Wednesday as bargain-hunters moved in after a sharp drop a day earlier on lingering worries over geopolitical risks.

The benchmark Nikkei 225 index rose 0.77 per cent or 168.68 points to 22,179.46 in early trade, while the broader Topix index was up 0.69 per cent or 11.32 points at 1,662.04.

"Stocks are rebounding after a sharp dip on Tuesday as geopolitical factors are being gradually digested by investors," said Hiroaki Hiwata, strategist at Toyo Securities, citing the drip-feed of revelations about murdered Saudi Arabian journalist Jamal Khashoggi.

The rebound came after global stocks slumped on worries over a spate of issues from US tensions with Russia and Saudi Arabia to trade issues with China.

The dollar fetched 112.37 yen in Asian trade against 112.41 yen in New York late Tuesday.

In Tokyo, SoftBank was up 0.51 per cent at 9,195 yen following reports that its founder Masayoshi Son had skipped an investment forum in Saudi, but had met with crown prince Mohammed bin Salman.

Game giant Nintendo was up 0.29 per cent at 37,630 yen while Nidec, an auto and electronic parts maker, jumped 3.95 per cent 14,620 yen.

AFP