Tokyo stocks open higher on US rallies

The benchmark Nikkei 225 index was up 1.66 per cent, or 457.47 points, at 28,005.47 in early trade, while the broader Topix index gained 1.62 per cent or 30.81 points to 1,935.22. — Reuters pic
The benchmark Nikkei 225 index was up 1.66 per cent, or 457.47 points, at 28,005.47 in early trade, while the broader Topix index gained 1.62 per cent or 30.81 points to 1,935.22. — Reuters pic

Follow us on Instagram and subscribe to our Telegram channel for the latest updates.


TOKYO, July 26 — Tokyo stocks opened higher today as investors took heart from rallies on Wall Street, overcoming fears over the spread of the coronavirus Delta strain.

The benchmark Nikkei 225 index was up 1.66 per cent, or 457.47 points, at 28,005.47 in early trade, while the broader Topix index gained 1.62 per cent or 30.81 points to 1,935.22.

It was the first day of trade after a four-day weekend that saw the virus-postponed Tokyo Olympics finally open and the full sporting schedule get under way.

“Following four days of rallies on the US Dow, Japanese shares are seen starting with gains,” Okasan Online Securities said in a note.

“After a round of buying in early trade however, worries over an expansion in coronavirus infections will weigh on the market, making for an unclear sense of direction,” it said.

US stocks rocketed to fresh records last Friday, with the Dow finishing above 35,000 for the first time, in anticipation of more blowout earnings after last week’s positive round of results.

All three major indices finished the week at records, with the Dow Jones Industrial Average surging 0.7 per cent to close at 35,061.55.

The dollar fetched ¥110.54 (RM4.23) in early Asian trade, against ¥110.51 in New York late Friday.

In Tokyo, Toyota was up 1.41 per cent at ¥9,862 and Sony was up 2.20 per cent at ¥11,145.

Nippon Steel rallied 6.18 per cent to ¥1,855.5 after a report the steelmaker told one of its customers they wanted to hike prices for some products and reduce supply.

Rival JFH Holdings also climbed 6.82 per cent to ¥1,316. — AFP

You May Also Like

Related Articles