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Friday, December 14, 2018

Tokyo shares end higher on hopes for US-China trade ties

AFP, Tokyo :
Tokyo stocks ended higher on Thursday as worries over a US-China trade war receded.
The benchmark Nikkei 225 index added 0.99 percent, or 213.44 points, at 21,816.19, while the broader Topix index rose 0.62 percent, or 10.04 points, at 1,616.65.
Overnight gains on Wall Street were a tailwind for Asian shares from the morning and the Tokyo market opened higher with solid support from buyers across the board.
The renewed optimism lifted Chinese and other Asian markets, which in turn also further boosted Tokyo stocks in the afternoon, analysts said.
"The Tokyo market remained well supported on the back of hopes for the easing of US-China trade friction. Gains on Asian markets further lifted Tokyo stocks," said Okasan Online Securities in a commentary.
"The Japanese market (opened higher), following rallies in the US market on expectations of improvement in US-China ties," Toshiyuki Kanayama, senior market strategist at Monex, said in a commentary.
"Risk sentiment was buoyed… by a variety of comments, including (US) President (Donald) Trump himself indicating progress on trade talks," Ray Attrill, strategist at National Australia Bank, said in a note.
Easing worries lifted the dollar to 113.45 yen from 113.22 yen in New York, further benefitting Japanese exporters.
Construction equipment maker Komatsu, which has enjoyed robust demand in China, rose 2.43 percent to 2,651.5 yen. Nippon Steel and Sumitomo Metal added 2.13 percent to 2,016 yen.
Uniqlo operator Fast Retailing jumped 2.34 percent to 61,220 yen, while game maker Nintendo added 0.46 percent to 32,830 yen and Sony rose 0.22 percent to 5,954 yen.
Automakers were mixed, with Toyota yielding earlier gains to end down 0.36 percent at 6,870 yen, while Honda added 1.04 percent to close at 3,114 yen.