BUSINESS Tokyo stocks close higher


Tokyo stocks close higher


16:41, October 20, 2021

Tokyo stocks closed higher on Wednesday as investors digested buoyant corporate earnings although a lack of fresh news weighed on the market.

The benchmark Nikkei 225 index rose 0.14 percent, or 40.03 points, to 29,255.55, while the broader Topix index edged up 0.05 percent, or 1.10 points, to 2,027.67.

The dollar stood at 114.50 yen against 114.39 yen in New York late Tuesday.

The Tokyo market shot to its day's high of 29,489.11 in early trade, lifted by overnight gains on Wall Street. The market then faced profit-taking pressure, while firms with solid earnings continued to attract buyers.

A lack of fresh news deflated investors' spirits in late trading, although buyers still picked up bargains in sectors including those related to banking, telecommunications and transport.

Investors maintained high hopes that the Japanese economy will be lifted by activities returning to normal as coronavirus cases remain low, analysts said.

"The market faced selling pressure once it reached around 29,500," Okasan Online Securities said. "More and more investors took a wait-and-see approach and the market trimmed gains toward the close."

Among major shares, Japan Airlines rose 3.45 percent to 2,517 yen. ANA Holdings added 2.92 percent to 2,753 yen, while East Japan Railway rose 3.87 percent to 7,414 yen.

Electronics parts maker TDK rose 3.23 percent to 4,000 yen. Kyocera rose 0.87 percent to 6,819 yen, and Nippon Telegraph and Telephone added 0.87 percent to 3,138 yen.

Kawasaki Heavy Industries dropped 9.03 percent to 2,347 yen. The company provided subway cars in Washington DC, where a derailment last week has prompted a wider investigation into a design defect.

SoftBank Group firmed 4.40 percent to 6,712 yen on reports that WeWork, in which it is an investor, will debut at the New York Stock Exchange.

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