TOKYO, April 14 ― Tokyo stocks opened higher today in cautious trade, despite continued worries about the spread of the new coronavirus in Japan and its impact on the economy.
The benchmark Nikkei 225 index was up 0.48 per cent, or 91.91 points, at 19,135.31 in early trade, while the broader Topix index edged up 0.28 per cent, or 3.91 points, to 1,409.82.
Trade lacked clear drivers to push up share prices as investors remained “cautious over the expansion of new coronavirus infections in Japan and could not set aside worries about a weak economy and corporate performances,” chief strategist Yoshihiro Ito of Okasan Online Securities said in a note.
However some bargain-hunting purchases were supporting the market after a sharp fall in the previous session, Toshiyuki Kanayama, senior analyst at Monex, said in a commentary.
The dollar fetched ¥107.56 (RM4.31) in early Asian trade, against ¥107.75 in New York late yesterday.
In Tokyo, some chip-related shares were higher with semiconductor-testing equipment maker Advantest gaining 2.37 per cent to ¥4,535 and parts maker Shin-Etsu Chemical trading up 1.03 per cent at ¥11,240.
SoftBank Group dropped 3.21 per cent to ¥4,065 after it said late yesterday it now forecasts a US$7 billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork.
On Wall Street, the Dow ended down 1.4 per cent at 23,390.77. ― AFP
