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Tokyo’s Nikkei hits 14-month high on improving China data
TOKYO, Dec 2, 2019 (BSS/AFP) – Tokyo main stock market closed at a 14-
month high Monday, boosted by data suggesting China’s economy was improving
despite uncertainty over trade talks with Washington.
The benchmark Nikkei 225 index added 1.01 percent, or 235.59 points, to
23,529.50, its highest close since October 2018.
The broader Topix index rose 0.89 percent, or 15.13 points, to 1,714.49.
Investors perked up after China said Saturday that its closely watched
Purchasing Managers’ Index (PMI), a key gauge of activity in the country’s
factories, rose to 50.2 in November.
It came above the 50-point mark that divides boom and bust, and showed an
improvement from the 49.3 seen last month.
The Tokyo market also cheered the relative strength of the dollar, which
stood at 109.64 yen, compared with 109.52 yen late Friday in London.
“As (the Nikkei) firmed above the 23,500 mark, solid Asian shares provided
support,” buoying the Japanese index, Okasan Online Securities said in a
note.
“Hong Kong and Shanghai shares gained on (bright) Chinese PMI data,”
adding to the general optimism in the market, the brokerage said.
Fresh Japanese data indicating increased corporate capital spending during
the July-September quarter also pepped up the Tokyo market, SMBC Nikko
Securities added.
Among major shares, Nintendo soared 2.10 percent to 43,240 yen on reports
of strong sales of its products and game titles as the US holiday shopping
season kicked off.
Sony added 1.36 percent to 6,998 yen. Uniqlo-operator Fast Retailing
climbed 1.66 percent to 67,800.
Electronics parts maker Murata Manufacturing was up 2.92 percent to 6,529
yen. Construction equipment maker Komatsu rose 0.78 percent to 2,587 yen.
Meanwhile small-car specialist Suzuki dropped 2.08 percent to 4,755 while
Tokyo Electron, which makes tools to produce semiconductors, fell 0.13
percent to 22,570 yen.
BSS/AFP/HR/1350