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STOCKS-JAPAN-OPEN
Tokyo stocks open higher, encouraged by US rallies
TOKYO, May 17, 2019 (BSS/AFP) – Tokyo stocks opened higher on Friday,
taking heart from rallies on Wall Street as concerns over the US-China trade
war receded slightly.
The benchmark Nikkei 225 index was up 0.67 percent or 140.72 points at
21,203.70 in early trade, while the broader Topix index was up 0.54 percent,
or 8.27 points, at 1,545.82.
“Excessive worries over the US-China trade war that sent stocks sharply
lower earlier this week are receding, with the assumption that any actual
punitive measures would come in late June or later,” Yoshihiro Ito, chief
strategist at Okasan Online Securities, said in a commentary.
“For the time being, many investors are seen focusing on shares with good
earnings reports,” he said.
The dollar fetched 109.88 yen in early Asian trade, against 109.85 yen in
New York late Thursday.
In Tokyo, semiconductor-related shares were higher, with chip-testing
equipment maker Advantest trading up 1.56 percent at 2,929 yen, and chip-
making equipment manufacturer Tokyo Electron up 2.66 percent at 16,585 yen.
Sony surged 7.85 percent to 5,791 yen after the firm and its US video game
rival Microsoft announced an alliance to improve their platforms for
streaming entertainment from the internet cloud.
Sony’s domestic rival Nintendo was up 1.81 percent at 37,550 yen.
On Wall Street, the Dow ended up 0.8 percent at 25,862.68.
BSS/AFP/HR/0940