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Tokyo’s Nikkei closes up for third straight session

Pedestrians wearing face masks walk in front of an electric quotation board showing numbers of the Nikkei 225 index in Tokyo on July 1, 2020. (AFP)
Pedestrians wearing face masks walk in front of an electric quotation board showing numbers of the Nikkei 225 index in Tokyo on July 1, 2020. (AFP)
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06 Jul 2020 03:07:50 GMT9
06 Jul 2020 03:07:50 GMT9

TOKYO: Tokyo’s benchmark Nikkei index rose for a third consecutive session on July 6 as rallies in Asian shares offset concerns for a continued rebound in global coronavirus infections.

The Nikkei 225 index jumped 1.83 percent, or 407.96 points, to close at 22,714.44, while the broader Topix index was up 1.60 percent, or 24.82 points, at 1,577.15.

“Rallies in Asia greatly helped sustain sentiment” depressed by coronavirus concerns, said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

Deadly floods and landslides hit western Japan during the weekend, but “the market largely shrugged off the impact”, Horiuchi said.

However, many investors refrained from taking major positions after a holiday in the United States on July 3, brokers said.

“The Japanese market this week is likely to face resistance. The second wave of the novel coronavirus infections is expanding and some cities are considering imposing lockdown,” said Okasan Online Securities.

“Domestically, the number of infections is on the rise,” the brokerage said, suggesting that it was “possible” for Japanese authorities to again ask citizens to refrain from outings and stay indoors.

“Gains will be capped by worries that the gradual resumption of economic activities will again be stopped,” Okasan said.

The dollar stood at 107.65 yen in Asian afternoon trade, compared with 107.52 yen in London on July 3.

Among major shares, telecom and investment giant SoftBank Group jumped 2.42 percent to 5,918 yen as Toyota added 1.44 percent to 6,859 yen with Sony up 0.91 percent at 7,580 yen.

AFP

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