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BCN-06
STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher on bargain hunting
TOKYO, Oct 31, 2018 (BSS/AFP) – Tokyo stocks opened higher on Wednesday
extending rallies in New York as investors hunted bargains after recent dips,
while watching corporate earnings reports.
The benchmark Nikkei 225 index was up 0.45 percent or 96.11 points at
21,553.40 in early trade, while the broader Topix index was up 0.56 percent
or 9.10 points at 1,620.56.
“Following rallies in US shares, expectations that Japanese shares have
bottomed out are prompting bargain-hunting purchases,” Yoshihiro Ito, chief
strategist at Okasan Online Securities said.
The cheaper yen against the dollar is also supporting the market, analysts
said.
The dollar fetched 113.08 yen in early Asian trade, against 112.97 yen in
New York late Tuesday.
In Tokyo, Sony surged 5.32 percent to 6,174 yen after it reported its net
profit nearly doubled to hit a record high in the six months to September.
Game giant Nintendo was down 2.95 percent at 34,210 yen after it reported
net profit for the six months to September of 64.6 billion yen ($574
million), while maintaining its annual forecast at net profit of 165 billion
yen.
Nippon Steel and Sumitomo Metal was up 0.16 percent at 2,068.5 yen,
shrugging off news that South Korea’s top court ordered the company to pay
compensation over forced wartime labour, which Japan immediately denounced as
a violation of international laws.
Mitsubishi UFJ Financial Group (MUFG) was up 1.03 percent at 670.7 yen
after the Commonwealth Bank of Australia announced the sale of its global
wealth management business to Mitsubishi UFJ Trust and Banking, a MUFG unit.
Japan’s factory output was down 1.1 percent in September from the previous
month, the first decline in the past two months, according to official data
released 10 minutes before the opening bell.
In New York, the Dow closed up 1.8 percent at 24,874.64.
BSS/AFP/HR/0912