AVN 57.02 Increased By ▲ 5.38 (10.42%)
BOP 10.13 Increased By ▲ 0.36 (3.68%)
CHCC 128.83 Increased By ▲ 9.89 (8.32%)
DCL 9.32 Increased By ▲ 0.52 (5.91%)
DGKC 107.59 Increased By ▲ 3.45 (3.31%)
EFERT 67.50 Increased By ▲ 0.91 (1.37%)
EPCL 32.60 Increased By ▲ 1.56 (5.03%)
FCCL 21.12 Increased By ▲ 0.29 (1.39%)
FFL 11.97 Increased By ▲ 0.33 (2.84%)
HASCOL 13.58 Decreased By ▼ -0.03 (-0.22%)
HBL 124.66 Increased By ▲ 2.88 (2.36%)
HUBC 81.40 Increased By ▲ 0.99 (1.23%)
HUMNL 9.60 Increased By ▲ 0.18 (1.91%)
JSCL 15.85 Increased By ▲ 0.45 (2.92%)
KAPCO 24.75 Increased By ▲ 0.26 (1.06%)
KEL 3.71 Increased By ▲ 0.22 (6.3%)
LOTCHEM 13.20 Increased By ▲ 0.34 (2.64%)
MLCF 33.65 Increased By ▲ 1.40 (4.34%)
OGDC 114.50 Decreased By ▼ -0.29 (-0.25%)
PAEL 32.74 Increased By ▲ 0.74 (2.31%)
PIBTL 11.34 Increased By ▲ 0.40 (3.66%)
PIOC 76.10 Increased By ▲ 2.86 (3.91%)
POWER 8.12 Increased By ▲ 0.94 (13.08%)
PPL 99.03 Decreased By ▼ -1.06 (-1.06%)
PSO 184.00 Increased By ▲ 4.65 (2.59%)
SNGP 56.36 Increased By ▲ 0.95 (1.71%)
STPL 11.21 Increased By ▲ 0.09 (0.81%)
TRG 49.76 Increased By ▲ 3.34 (7.2%)
UNITY 12.56 Decreased By ▼ -0.03 (-0.24%)
WTL 1.01 No Change ▼ 0.00 (0%)
BR100 4,136 Increased By ▲ 72 (1.77%)
BR30 21,159 Increased By ▲ 380 (1.83%)
KSE100 39,872 Increased By ▲ 613 (1.56%)
KSE30 17,320 Increased By ▲ 250 (1.47%)
COVID-19 TOTAL DAILY
CASES 280,029 331
DEATHS 5,984 8
Sindh 121,486 Cases
Punjab 93,197 Cases
Balochistan 11,774 Cases
Islamabad 15,076 Cases
KP 34,223 Cases
Markets

Tokyo stocks close higher on Wall St gains

TOKYO:  Tokyo stocks closed higher on Friday, following rises on Wall Street, as data showed the world's third-biggest e

09 Aug 2019

TOKYO:  Tokyo stocks closed higher on Friday, following rises on Wall Street, as data showed the world's third-biggest economy was growing faster than analysts had expected.

The benchmark Nikkei 225 index rose 0.44 percent, or 91.47 points, to 20,684.82, narrowing the weekly loss to 1.91 percent.

The broader Topix index ended up 0.35 percent, or 5.18 points, at 1,503.84. Over the week, it lost 1.93 percent.

"US stocks rose sharply, providing relief and support to the Tokyo market," said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute.

The stronger-than-expected GDP data also helped boost the market, he said.

"The reading of the data itself was not a huge buying peg... but nonetheless it confirmed personal spending could pick up," he said.

Official data showed gross domestic product (GDP) in the world's third-biggest economy grew 0.4 percent from the previous quarter on robust consumer demand, beating analysts' median forecast of 0.1 percent.

Japan had an unprecedented string of 10 holidays around the May 1 enthronement of the new emperor, igniting travel and other leisure demand.

Mutsumi Kagawa, chief global strategist at Rakuten Securities, also said "excessive worries have receded after the Wall Street rally."

Investors were also "relieved to see the yuan rate stable", he said.

Beijing stoked fears that it was trying to devalue its currency in retaliation for new US tariffs on Chinese goods after it slid sharply on Monday but the yuan was unlikely to plunge to extraordinary levels, Kagawa said.

"There is no point for China to drive down its currency too much as it would trigger a capital flight," Kagawa argued.

The Japanese currency remained strong, capping buying in stocks.

The dollar changed hands at 105.88 yen against 106.06 yen in New York Thursday afternoon.

IT investor SoftBank Group was down 0.65 percent to 5,014 yen while Toyota finished up 0.39 percent at 6,837 yen.

Copyright AFP (Agence France-Press), 2019