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Tokyo shares close higher on rebound in Shanghai stocks

Pedestrian walks in front of an electric quotation board displaying the morning numbers on the Nikkei 225 Index on the Tokyo Stock Exchange, Jan. 27, 2020. (AFP)
Pedestrian walks in front of an electric quotation board displaying the morning numbers on the Nikkei 225 Index on the Tokyo Stock Exchange, Jan. 27, 2020. (AFP)
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04 Feb 2020 06:02:53 GMT9
04 Feb 2020 06:02:53 GMT9

Tokyo stocks closed higher on Tuesday as investors breathed a sigh of relief over a recovery on the coronavirus-hit Shanghai market.

The benchmark Nikkei 225 index rose 0.49 percent, or 112.65 points, to 22,084.59, while the broader Topix index was up 0.69 percent, or 11.58 points, at 1,684.24.

"A rebound in Shanghai shares made Tokyo investors feel comfortable enough to buy back shares," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"It's too early to pre-judge but selling pressure eased at least today," Horiuchi told AFP.

The dollar fetched 108.83 yen in Asian afternoon trade, against 108.68 yen in New York.

In Tokyo, Panasonic soared 10.04 percent to 1,183.5 yen after it left its full-year earnings forecast intact despite the deadly coronavirus outbreak.

Toyota rose 0.77 percent to 7,639 yen on bargain-hunting following recent sharp declines.

Sony edged down 0.03 percent to 7,700 yen. Just after the closing bell, the firm said its profit and sales declined for nine months to December but upgraded its annual forecast.

Some China-related shares were lower, with construction machine maker Komatsu losing 1.17 percent to 2,389 yen, industrial robot maker Fanuc slipping 1.34 percent to 20,105 yen and parts maker Rohm down 0.12 percent at 7,910 yen.

AFP

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