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Tokyo stocks open higher after WHO ruling on virus
TOKYO, Jan 31, 2020 (BSS/AFP) – Tokyo stocks opened higher on Friday after the World Health Organization declared the new coronavirus an international emergency but held off on recommending restrictions on movement of people.
The benchmark Nikkei 225 index gained 0.81 percent or 186.95 points to 23,164.70 in early trade, while the broader Topix index was up 0.62 percent or 10.33 points at 1,685.10.
Some investors bought back shares on the belief the crisis is bottoming out as the UN health agency’s director gave its “stamp of approval to China’s aggressive containment effort,” Stephen Innes, chief market strategist at AxiCorp, said in a note.
The WHO move “eased some mushrooming fears by suggesting the number of outbreaks is relatively small,” he said.
The dollar fetched 108.93 yen in early trade, unchanged from the level in New York late Thursday.
In Tokyo, some major exporters were higher with Sony rising 1.16 percent to 7,756 yen, Toyota gaining 0.60 percent to 7,680 yen, and chip-making equipment manufacturer Tokyo Electrion advancing 1.15 percent to 24,230 yen.
Game giant Nintendo dropped 4.54 percent to 40,350 yen after its third-quarter operating profit released late Thursday was slightly lower than market expectations.
Japan’s unemployment rate in December stood at 2.2 percent, unchanged from the previous month, according to data released by the internal affairs ministry before the opening bell.
On Wall Street, the Dow ended up 0.4 percent at 28,859.44.
BSS/AFP/MMA/0938HRS