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STOCKS-JAPAN-OPEN
Tokyo stocks open higher after global rallies
TOKYO, Dec 19, 2017 (BSS/AFP) – Tokyo stocks opened higher Tuesday following
global rallies the previous day, as Wall Street notched fresh records with US
tax cuts in sight.
The Nikkei 225 index rose 0.29 percent, or 67.25 points, to 22,969.02 in
early trade while the broader Topix index was up 0.19 percent, or 3.37
points, at 1,821.27.
“The Tokyo market has taken over a positive lead from global rallies,
although buying sentiment is not so strong,” Hikaru Sato, senior technical
analyst at Daiwa Securities, told AFP.
Global stocks gained ground Monday as a massive US tax cut plan neared
final passage, lifting Wall Street to fresh records and boosting
international markets.
Wall Street has grown increasingly giddy this month as obstacles to the
massive tax cut package have been overcome and momentum builds for a measure
that is expected to be sent to President Donald Trump’s desk by the end of
the year. The House is expected to vote Tuesday afternoon.
All three major US equity indices marked records for the second session in
a row, with the Nasdaq breaching 7,000 for the first time during the session
before finishing a bit below that mark.
“But once the tax cut is settled, selling pressure may emerge,” Daiwa’s
Sato said.
Major contractors continued to slide after investigators raided them over a
bid-rigging scandal on the nation’s maglev train project. Kajima dropped 4.26
percent to 1,077 yen as Obayashi lost 1.66 percent to 1,357 yen.
Toyota rose 0.64 percent to 7,208 yen after unveiling plans to invest $13.3
billion by 2030 in boosting production of electric vehicles.
Panasonic rose 0.20 percent to 1,678 yen but Sony lost 0.65 percent to
5,127 yen.
The dollar traded at 112.60 yen, compared with 112.56 yen in New York late
Monday.
BSS/AFP/SR/1350 HRS