Tokyo shares edge higher as dollar climbs

Japanese stocks ended higher Tuesday for a tenth straight session, thanks to a stronger dollar and despite concerns about the weekend attack on Saudi oil facilities.

The benchmark Nikkei 225 index added 0.06 percent, or 13.03 points, to 22,001.32, while the broader Topix index rose 0.29 percent, or 4.71 points, to 1,614.58.

Rising oil prices boosted energy shares, but consumers of oil, such as airlines, faced selling pressure.

Renewed tension in the Middle East led the Tokyo market to start in the red, as global investors fretted over the attack in Saudi Arabia that triggered oil prices to soar.

The incident prompted US President Donald Trump to suggest that Iran might be behind the attack and that Washington stood ready to stage a counter-attack but adding the US wished to avoid violence.

Traders were given a weak lead from Wall Street with the Dow ending 0.5 percent lower.

“The dollar rose against the yen and encouraged dip-buying. It lifted the Nikkei index to the 22,000-yen level,” Okasan Online Securities said in a commentary.

“But profit-taking was also seen at the top end of the range, meaning the Nikkei plateaued in the afternoon,” it said.

The dollar was up at 108.22 yen, from 108.10 yen in New York.

Oil explorer Inpex soared 9.71 percent to 1,102 yen while Japan Petroleum Exploration roared 7.89 percent to 2,981 yen.

Mitsubishi UFJ Financial Group added 0.74 percent to 571.7 yen, Nintendo rose 0.70 percent to 41,890 and Toyota added 0.66 percent to 7,445.

But among airlines ANA Holdings lost 1.45 percent to 3,733 and Japan Airlines fell 1.88 percent to 3,390 yen.

Tech investor SoftBank Group dropped 3.04 percent to 4,690 yen, while construction equipment maker Komatsu fell 0.12 percent to 2,515.5 yen.

In this article:
Tokyo stock
Receive News Alerts on Whatsapp: +2348136370421


No comments yet

Related