BUSINESS Tokyo stocks open higher following US gains

BUSINESS

Tokyo stocks open higher following US gains

AFP

09:07, October 26, 2021

Tokyo stocks opened higher on Tuesday, boosted by gains in US shares that hit record highs as Tesla topped $1 trillion in value.

The benchmark Nikkei 225 index gained 1.09 percent, or 312.84 points, to 28,913.25 in early trade, while the broader Topix index rose 0.77 percent, or 15.27 points, to 2,010.69.

"The Japanese market is likely to grow steadily today. The Dow and S&P hit a record high and tech shares gained backed by Tesla... that's likely to support shares in Japan," Okasan Online Securities said.

The brokerage said reports that Japan's ruling Liberal Democratic Party is likely to gain a majority in the upcoming general election would also help the market.

On Monday, the Dow Jones Industrial Average ended up 0.2 percent at 35,741.15, its second straight record, and the broad-based S&P 500 climbed 0.5 percent to 4,566.48, its second record in three sessions.

The Nasdaq Composite Index jumped 0.9 percent to 15,226.71, with Tesla becoming the latest tech giant to push above $1 trillion in market capitalisation.

In Tokyo trading, tech-related shares rebounded from losses a day before, with Tokyo Electron jumping 2.15 percent to 51,210 yen and Fanuc rising 1.52 percent to 24,625 yen.

Uniqlo operator Fast Retailing surged 3.31 percent to 72,320 yen while SoftBank Group gained 3.20 percent to 6,592 yen.

Toyota climbed 1.48 percent to 1,975.5 yen while Honda advanced 1.41 percent to 3,443 yen. Nissan rose 2.84 percent to 595.8 yen.

The dollar changed hands at 113.81 yen in early Asian trade, against 113.71 yen in New York on Monday.

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