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Tokyo: Stocks rise on bargain-hunting

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[TOKYO] Tokyo stocks rose moderately on Thursday as investors bought on dips after two days of losses, with buying sentiment supported by gains on Wall Street and a weak yen.

The benchmark Nikkei 225 index rose 0.53 per cent, or 121.14 points, to 22,838.37 while the broader Topix index was up 0.45 per cent, or 8.02 points, at 1,808.37.

"Investors are buying back after prices fell for two days in a row," said Hikaru Sato, senior technical analyst at Daiwa Securities.

"The yen's decline also helped encourage investors to buy back," Sato told AFP.

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The dollar stayed firm in anticipation of higher interest rates, trading at 110.28 yen, slightly down from 110.34 yen in New York Wednesday but still up from 109.96 yen on Monday.

SBI Securities noted some investors might retreat to the sidelines ahead of US-China trade talks in Washington on Thursday and Friday.

"A wait-and-see mood may spread as they want to see how the negotiations will go," it said in a commentary.

On Wednesday, upbeat data about US industry and positive corporate results sent US stocks higher on a fresh bout of optimism.

The benchmark Dow Jones Industrial Average gained 0.25 per cent while the broader S&P 500 jumped 0.41 per cent.

In Tokyo, banks were higher with Mitsubishi UFJ climbing 1.22 per cent to 728.5 yen and Sumitomo Mitsui up 1.37 per cent at 4,707 yen.

Carmakers were also up. Honda rallied 0.52 per cent to 3,659 yen and Nissan rose 0.30 per cent to 1,137 yen with Toyota up 0.05 per cent at 7,555 yen.

 

AFP

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