TOKYO: Tokyo stocks opened higher on Friday on overnight rallies of US shares, led by semiconductor stocks.
The benchmark Nikkei 225 index added 0.62 percent, or 174.65 points, at 28,285.04 in early trade, while the broader Topix index rose 0.48 percent, or 9.53 points, to 1,991.09.
The dollar stood at 122.10 yen, slightly off from 122.38 yen seen on Thursday in New York.
The Tokyo market was well supported with overnight gains of Wall Street issues, particularly with late buying leaving New York shares ending near the intraday high.
Tokyo stocks rebound to close higher
US semiconductor-related shares enjoyed rallies to create “a festive mood”, Okasan Online Securities said in a note.
“It should provide support for Japanese high-tech shares,” Okasan said.
Global investors are assessing “the impact of the latest round of sanctions against Russia, mostly impressive US data, and as oil prices edge lower,” said Edward Moya of OANDA in a note.
“Wall Street knows that the US economy is still looking pretty good but they are trying to figure out how aggressive the Fed will be with tightening, how high oil prices will get, and will the war in Ukraine be over in a few months’ time,” he wrote.
As for Tokyo, investors were also taking the market’s temperature after seven straight winning sessions, with a sense of overheating emerging, Okasan said.
Among major high-tech shares, Tokyo Electron, a major producer of tools to build semiconductors, added 1.71 percent to 64,170 yen.
Chip producer Murata Manufacturing added 0.59 percent to 8,384.
Industrial robot maker Fanuc added 0.94 percent to 22,105 yen.
Nintendo added 1.31 percent to 65,550 yen.
Sony Group opened higher but quickly eased into negative territory, falling 0.54 percent to 12,915 yen.
Tech investor SoftBank Group dropped 2.18 percent to 5,378 yen.
Toyota added 0.18 percent to 2,204 yen.
Embattled engineering conglomerate Toshiba, which also produces a variety of electronic devices, rebounded 2.33 percent to 4,872 yen after a sharp loss on Thursday.
The company on Thursday failed to receive shareholder approval for its plan to spin off its devices segment as its management faces deep suspicion from key activist investors.
Comments
Comments are closed.