Tokyo stocks close higher

Economy

Tokyo | AFP

Tokyo stocks closed higher Wednesday on bargain-hunting ahead of Japan’s Golden Week holiday period, with investors’ eyes also on corporate earnings.

The benchmark Nikkei 225 index closed up 0.21 percent or 62.08 points at 29,053.97 while the broader Topix index ended up 0.29 percent or 5.51 points at 1,909.06.

The Japanese market declined on profit-taking in early trade, but “the trend later turned upwards on bargain-hunting”, Okasan Online Securities said.

“The market will gain a clear sense of direction” after the upcoming public holidays, it added.

The Japanese market will be closed on Thursday and then from Monday to Wednesday next week.

The dollar fetched 108.99 yen in Asian trade, against 108.68 yen in New York late Tuesday.

Sony rallied 3.14 percent to 11,810 yen. After the closing bell, the company reported a record $10.7 billion annual net profit, thanks to unprecedented pandemic-driven demand, but issued a cautious forecast as vaccines drive hope for a return to normality.

Chip-testing equipment maker Advantest was up 0.38 percent at 10,520 yen after it reported a better-than-expected fourth quarter operating profit. 

Nomura Holdings was up 1.54 percent at 591.9 yen after it confirmed losses of $2.3 billion for fiscal 2020-2021 linked to the sudden liquidation of holdings by US hedge fund Archegos.

Shipping firms were among losers, with Nippon Yusen closing down 2.63 percent at 4,065 yen and its rival Mitsui O.S.K. Lines dropping 1.53 percent to 4,180 yen.

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AFP