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JAPAN-STOCKS-MARKETS-OPEN
Tokyo stocks open modestly higher
TOKYO, July 25, 2019 (BSS/AFP) – Tokyo stocks opened marginally higher on
Thursday, with central bankers’ easy money policy encouraging risk-on
sentiment, as investors closely watch earnings reports.
The benchmark Nikkei 225 index was up 0.03 percent or 7.27 points at
21,716.84 in early trade, while the broader Topix index was up 0.06 percent
or 1.00 points at 1,576.09.
On Wall Street, the “S&P 500 gained 0.5 percent… as the markets prepare
for a policy panacea brought to you by a dovish central bank in your region,”
Stephen Innes, managing partner at Vanguard Markets, said in a note.
“Investors continue to adopt the ‘red herring’ school of economic policy
that bad financial news is good for stock markets as it leads to strong
monetary policy responses,” he said.
A rise in Japanese shares “is seen led by chip-related shares following
earnings reports” from high-tech firms both in the US and in Japan, Mizuho
Securities added in a commentary.
The dollar fetched 108.21 yen in early Asian trade, unchanged from levels
in New York late Wednesday.
In Tokyo, chip-testing equipment maker Advantest surged 17.48 percent to
4,065 yen after it reported a better-than-expected first-quarter operating
profit.
Shin-Etsu Chemical, which makes key semiconductor parts, rallied 6.17
percent to 10,925 after reporting a stronger-than-expected first-quarter
operating profit.
Nissan was down 2.27 percent at 763.8 yen after the troubled Japanese car
giant confirmed late Wednesday it will report a plunge in its first-quarter
operating profit later Thursday.
On Wall Street, indices ended mixed with the Dow closing down 0.3 percent
at 27,269.97 while the S&P 500 and the tech-heavy Nasdaq ending at fresh
records.
BSS/AFP/HR/1020