Saturday, 24th February, 2024
Saturday, 24th February, 2024

Tokyo stocks open slightly higher after mixed Wall St close

Tokyo stocks opened marginally higher on Friday as few fresh cues for trade emerged after a mixed close on Wall Street.

The benchmark Nikkei 225 index was up 0.09 percent, or 24.56 points, at 26,780.80 in early trade, while the broader Topix edged up 0.23 percent, or 4.04 points, to 1,780.25.

“Japanese shares are seen moving in a narrow range following mixed performance in the US market,” said senior market analyst Toshiyuki Kanayama of Monex.

The Nikkei moved between negative and positive territories in the first several minutes before dipping further — trading down 0.55 percent about an hour after the opening bell.

The market lacked a clear sense of direction as traders were caught between worries over rising Covid-19 infections in Japan and abroad, and optimism about vaccines allowing a return to normal economic activity, Mizuho
Securities said.

On Wall Street, the Dow and the broad-based S&P ended down as US jobless
claims rose more than expected, said Tapas Strickland, senior analyst at
National Australia Bank.

“It is clear the US labour market has deteriorated given the rise in Covid-
19 cases and the re-imposition of restrictions,” he said.

The dollar fetched 104.11 yen in early Asian trade, against 104.22 yen in
New York late Thursday.

Among major shares in Tokyo, shipping firms were down, with Nippon Yusen
declining 1.13 percent to 2,367 yen, Mitsui O.S.K. Lines dropping 0.57
percent to 2,975 yen, and Kawasaki Kisen down 2.37 percent at 1,939 yen.

Toyota rallied for a second straight day, surging 3.84 percent to 7,767 yen
after a report said it plans to launch vehicles carrying next-generation
solid-state batteries in the early 2020s.

On Wall Street, the Dow ended down 0.2 percent at 29,999.26 and the S&P
finished down 0.1 percent, while the tech-rich Nasdaq ended up 0.5 percent.

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