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STOCKS-JAPAN-CLOSE
Tokyo stocks close marginally higher
TOKYO, June 24, 2019 (BSS/AFP) – Tokyo stocks closed modestly higher on
Monday, recovering earlier losses after receiving support from rallies in
Hong Kong and Chinese markets.
The benchmark Nikkei 225 index gained 0.13 percent, or 27.35 points, to
21,285.99, while the broader Topix index ended up 0.12 percent, or 1.84
points, at 1,547.74.
The Nikkei and Topix indexes both opened lower with investors taking to
the sidelines ahead of the G20 summit with lingering worries over the US-
China trade row and concerns over an escalation in US-Iran tensions.
But shares later rebounded back to positive territory as investors saw
“sound movement in Chinese and Hong Kong shares as well as US futures,”
Yoshihiro Ito, chief strategist at Okasan Online Securities said in a note.
The fact that the dollar stopped its declines around the 107.40 yen level
also supported the market in Japan, he said.
The dollar fetched 107.41 yen in Asian trade, down from 107.60 yen in New
York on Friday.
In Tokyo, chip-linked shares were mixed, with chip-making equipment maker
Tokyo Electron closing down 1.66 percent at 14,810 yen while chip-testing
equipment maker Advantest, which was in negative territory in early trade,
ended up 0.85 percent at 2,747 yen.
Sony closed up 1.84 percent at 5,752 yen and market heavyweight Fast
Retailing, operator of Uniqlo casualwear, advanced 0.65 percent to 66,530
yen.
BSS/AFP/HR/1310