Intellasia East Asia News – Tokyo stocks open higher on bargain hunting

Tokyo stocks opened higher today as investors bargain hunted shares that dipped after modest falls on Wall Street.

The benchmark Nikkei 225 index was up 1.04 per cent, or 278.29 points, at 27,078.00 in early trade, while the broader Topix index gained 0.94 per cent, or 17.64 points, to 1,897.72.

“Japanese shares are seen starting with rebounds after limited falls in the post-holiday US markets,” Okasan Online Securities said in a note.

A cheaper yen against the dollar is supporting some export-oriented shares including automakers, analysts said.

The dollar fetched JPY 127.04 (RM4.24) in early Asian trade, after the yen dipped to a new 20-year low of below JPY 127 in New York.

Among major shares in Tokyo, Toyota was up 0.74 per cent at JPY 2,171 after it revised down its production plans for May by 100,000 vehicles to 750,000 units.

Honda was up 1.23 per cent at JPY 3,296 and Nissan was up 1.78 per cent at JPY 515.5.

Trading house Mitsubishi Corp was up 2.26 per cent at JPY 4,517 and oil refiner Eneos was up 1.07 per cent at JPY 454.7 after a report said they are considering commercialisation of sustainable aviation fuel.


Category: Japan

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