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Bargain hunters to the fore as Tokyo shares close higher
TOKYO, Oct 16, 2018 (BSS/AFP) – Tokyo shares closed higher on Tuesday, with
investors snapping up bargains after recent losses.
The Nikkei 225 index rose 1.25 percent or 277.94 points to end at
22,549.24, while the broader Topix index was higher by 0.74 percent or 12.47
points at 1,687.91.
While Wall Street issues slipped overnight, the slowing speed of the fall
and relative calm on the forex market comforted investors, Okasan Online
Securities said in a note.
Market participants were also eager to buy shares after sharp declines in
recent days, it added.
“The market is in rebound mode. With the forex market staying calm,
selective buying came in to pick up bargains,” Okasan said.
The dollar stood at 112.07 yen, up from 111.79 yen in New York on Monday
afternoon.
Among major shares, SoftBank jumped 3.62 percent to 9,586 yen after losing
more than seven percent on Monday over its link to Saudi Arabia, which has
come under international scrutiny after a journalist disappeared from the
kingdom’s consulate in Istanbul.
Meanwhile, Toyota rose 1.11 percent to 6,522 yen and Sony was also higher
by 2.21 percent to 6,356 yen.
Japan’s major oil refiners Idemitsu Kosan and Showa Shell Sekiyu dropped
3.20 percent to 5,740 yen and 2.58 percent to 2,378 yen respectively, after
revealing the financial details of the merger between the two companies.
Idemitsu’s founding family had long opposed the merger plan, but the deal
finally materialised in July.
BSS/AFP/MR/ 1245 hrs