BUSINESS Tokyo stocks close higher after US rallies

BUSINESS

Tokyo stocks close higher after US rallies

AFP

15:02, October 13, 2020

Tokyo stocks closed marginally higher in sluggish trading on Tuesday following rallies on Wall Street, as investors remained on the sidelines ahead of Japan's corporate results season.

File photo

The benchmark Nikkei 225 index rose 0.18 percent, or 43.09 points, to 23,601.78, while the broader Topix index gained 0.35 percent, or 5.75 points, to 1,649.10.

Investors bought on dips at the outset following two days of decline, while gains on US shares sustained market sentiment, brokers said.

"But players remained cautious as major Japanese companies will soon start releasing interim results," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

The early gains were also trimmed by news that Johnson & Johnson temporarily halted its Covid-19 vaccine trial because one of its participants became sick.

The dollar fetched 105.37 yen in Asian afternoon trade, against 105.32 yen in New York late Monday.

Among winners in Tokyo, JAL soared 3.03 percent to 2,089.5 yen with rival ANA up 1.58 percent at 2,503 yen on an expected recovery in flight demand.

Sony jumped 1.82 percent to 7,910 yen as industrial robot maker Fanuc rallied 4.23 percent to 20,925 yen following rallies in high-tech shares on Wall Street.

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