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STOCKS-JAPAN-OPEN
Tokyo stocks open higher on bargain hunting
TOKYO, March 11, 2019 (BSS/AFP) – Tokyo stocks opened higher on Monday, as
bargain-hunting overwhelmed concerns about the global economy after weak US
job figures and other poor global readings that sent US shares down.
The benchmark Nikkei 225 index gained 0.18 percent, or 37.87 points, to
21,063.43 in early trade while the broader Topix index was up 0.10 percent,
or 1.59 points, at 1,574.03.
The dollar fetched 111.06 yen in early Asian trade, against 111.15 yen in
New York late Friday.
US data showed job creation ground to a virtual halt in February, just the
latest warning of lean growth ahead, after the ECB slashed its growth and
inflation forecasts and China unveiled a growth target that would be its
slowest in three decades.
“Amid growing concerns over the global economic slowdown, trade is seen as
nervous in the Japanese market as dealers will be watching the Shanghai index
while some of them are bargain-hunting after sharp falls on Friday,”
Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a
commentary.
In Tokyo, automakers were higher, with Toyota edging up 0.75 percent to
6,580 yen, Nissan up 0.44 percent to 915.6 yen and Honda up 0.45 percent at
3,005 yen.
Canon was up 0.47 percent at 3,145 yen while Nikon was up 0.74 percent at
1,624 yen.
On Wall Street, the Dow ended down 0.1 percent at 25,450.24.
BSS/AFP/HR/0930