ZCZC
BCN-06
STOCKS-JAPAN-OPEN
Tokyo stocks open higher with eyes on earnings
TOKYO, April 24, 2019 (BSS/AFP) – Tokyo stocks opened higher on Wednesday
supported by record levels in New York but investors remained cautious amid
corporate earnings season and ahead of an unprecedented 10 days of holidays
next week.
The benchmark Nikkei 225 index was up 0.40 percent or 88.43 points at
22,348.17 in early trade, while the broader Topix index climbed 0.32 percent
or 5.15 points at 1,628.12.
“Japanese shares are testing the upside after the rebound in the Dow and
fresh record highs in the NASDAQ” and S&P 500 in New York, strategist
Yoshihiro Ito of Okasan Online Securities said in a commentary.
However the market “lacks any energy of active selling and buying as
investors are trying to evaluate corporate earnings reports ahead of the
holidays,” he added.
On Wall Street, both the S&P 500 and Nasdaq ended at all-time highs, with
the Dow ending up 0.6 percent at 26,656.39 following a barrage of solid
results from major companies across different economic sectors.
The dollar fetched 111.82 yen in early Asian trade, against 111.85 yen in
New York.
In Tokyo, some electronics firms were higher, with Sharp gaining 2.24
percent to 1,323 yen and chip-testing equipment maker Advantest trading up
1.81 percent at 3,365 yen.
Nissan was down 1.92 percent at 924.5 yen after a report said the
automaker will revise down its full-year profit forecast later on Wednesday.
Precision motor maker Nidec was up 2.25 percent at 16,105 yen after it
announced a 15-percent decline in its full-year net profit. However, the firm
forecast a 21-percent growth in net profit for the current year to March
2020.
BSS/AFP/HR/0940