Tokyo stocks open higher after four days of falls

The benchmark Nikkei 225 index was up 0.65 per cent, or 151.73 points, at 23,345.53 in early trade, while the broader Topix index was up 0.56 per cent, or 9.26 points, at 1,674.97. — AFP pic
The benchmark Nikkei 225 index was up 0.65 per cent, or 151.73 points, at 23,345.53 in early trade, while the broader Topix index was up 0.56 per cent, or 9.26 points, at 1,674.97. — AFP pic

TOKYO, Feb 19 ― Tokyo stocks opened higher today as investors adjusted their positions amid lingering fears over the impact of the new coronavirus on the economy.

The benchmark Nikkei 225 index was up 0.65 per cent, or 151.73 points, at 23,345.53 in early trade, while the broader Topix index was up 0.56 per cent, or 9.26 points, at 1,674.97.

The dollar fetched ¥109.91 (RM4.15) in early Asian trade, against ¥109.87 in New York.

“Japanese shares are expected to rebound... but movement will be weak,” Okasan Online Securities said in a commentary.

Its chief strategist Yoshihiro Ito said “continued falls in US shares are weighing on the Japanese market amid worries that impact of the new coronavirus could grow.”

Mizuho Securities said in a commentary: “Worries over the impact of the new coronavirus on corporate performance will be weighing on the market, while purchases following a four-day losing streak are likely supporting trade today.”

In Tokyo, major shares were largely higher with SoftBank Group trading up 1.46 per cent at ¥5,346, Nintendo up 0.80 per cent at ¥40,110, and Sony up 0.94 per cent at ¥7,333.

On Wall Street, the Dow ended down 0.6 per cent at 29,232.19. ― AFP

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