BUSINESS Tokyo stocks open higher


Tokyo stocks open higher


08:31, April 23, 2020


File photo: AFP

Tokyo stocks opened higher on Thursday as buy-backs supported the market after it dropped in the previous session, with investors still cautious about the coronavirus pandemic and its economic impact.

The benchmark Nikkei 225 index was up 1.02 percent or 195.05 points at 19,333.00 in early trade, while the broader Topix index gained 0.73 percent or 10.30 points to 1,417.20.

"Volatile trade is seen continuing today on the backdrop of uncertainty in the external environment, including the impact of the new coronavirus and sharp movement in crude oil prices," Okasan Online Securities said in a commentary.

Rallies in early trade may be short-lived as investors "are increasingly taking a wait-and-see attitude ahead of earnings reports from major firms", it added.

In Tokyo, exporters were largely higher, with Suzuki Motor rallying 3.47 percent to 3,102 yen, construction machine maker Komatsu gaining 1.09 percent to 1,904 yen, and chip-testing equipment maker Advantest trading up 1.37 percent at 5,170 yen.

The dollar fetched 107.82 yen in early Asian trade, against 107.71 yen in New York.

On Wall Street, the Dow ended up 2.0 percent at 23,475.82.

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