Tokyo stocks open 0.33pc higher

29 Aug, 2013

TOKYO: Tokyo stocks opened 0.33 percent higher on Thursday, snapping three days of falls after US share prices and the dollar rebounded.

The Nikkei 225 index was up 44.49 points to 13,382.95 at the start.

Investors remain concerned over Syria and weak emerging-market currencies, and month-end equities trade volume in Japan continues to be light, said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

But technical analysis shows shares are relatively cheap and oversold, suggesting a technical rebound can be expected, he said.

US stocks rebounded Wednesday, led by energy companies benefiting from an oil price spike, as the West mulls a possible attack against Syria for its alleged use of chemical weapons.

The Dow Jones Industrial Average rose 0.33 percent to 14,824.51.

The dollar was at 97.72 yen in early Asian trade Thursday, unchanged from New York Wednesday afternoon but up from 97.13 yen in Tokyo Wednesday.

The euro fetched $1.3336 and 130.32 yen compared with $1.3341 and 130.36 yen in US trade.

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