Tokyo stocks close higher

TOKYO: Tokyo stocks closed higher on Tuesday as bargain-hunting supported the market.

The benchmark Nikkei 225 index advanced 0.95 percent, or 368.50 points, to 39,173.15 while the broader Topix index ended up 1.72 percent, or 47.18 points, at 2,787.37.

“With a dearth of market-moving events, bargain-hunting is supporting share prices,” Daiwa Securities said.

Japan’s Nikkei squeezes out gains in choppy session

IwaiCosmo Securities concurred, adding that moves to reinvest dividend cash was also boosting the Tokyo market.

The dollar fetched 159.29 yen in late Asian trade, against 159.63 yen in New York on Monday.

Among major shares in Tokyo, Sony Group rallied 1.90 percent to 13,170 yen, Toyota jumped 4.63 percent to 3,296 yen, and Uniqlo operator Fast Retailing added 1.06 percent to 40,890 yen.

Mizuho Financial group jumped 4.41 percent to 3,265 yen. Shipping firm Mitsui O.S.K. Lines added 1.27 percent to 4,868 yen.

Chip-linked shares were lower after the US tech shares dropped with Nvidia falling by more than six percent overnight on Wall Street.

Tokyo Electron slipped 1.69 percent to 34,400 yen and Renesas Electronics fell 1.19 percent to 2,978 yen.