ZCZC
BCN-06
STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher as yen stays weak
TOKYO, June 29, 2018 (BSS/AFP) – Tokyo stocks opened higher on Friday,
aided by gains on Wall Street and the yen’s downward trend.
The benchmark Nikkei 225 index edged up 0.24 percent or 52.62 points to
22,323.01 in early trade while the broader Topix index was up 0.02 percent or
0.38 points at 1,727.38.
“Japanese stocks are likely to test a rebound, with investors taking a cue
from upturns in US shares and the yen’s downtrend,” Okasan Online Securities
chief strategist Yoshihiro Ito said in a commentary.
The yen was changing hands at 110.43 to the dollar compared with 110.53 in
New York Thursday afternoon, much cheaper than the 109-yen range seen early
in the week.
A weak yen is positive for Japanese exports as it inflates their overseas
profits when repatriated.
SBI Securities said in a client note that stocks would likely fluctuate
only narrowly for the rest of the day.
“A wait-and-see mood may spread as the weekend comes at the month-end in
the absence of a fresh trading peg,” it said.
Some electronics giants gained ground, with Panasonic up 0.33 percent at
1,483.5 yen and Canon up 0.78 percent at 3,617 yen.
Sharp jumped 11.81 percent to 2,621 yen after it announced it would cancel
a plan to raise some $1.8 billion through a public offering as “the stock
market is increasingly unstable because of US-China trade frictions and other
factors.”
BSS/AFP/HR/0930