Tokyo Shares Close Up On Automaker, Bank Rally
Rukhshan Mir (@rukhshanmir) Published February 21, 2017 | 04:36 PM
Tuesday, with automakers and banks leading the way while a dip in the yen supported exporters. Investors were encouraged by Greece's decision on Monday to discuss new bailout reforms in a bid to break a deadlock with its EU-IMF creditors.
US markets were closed for a holiday on Monday. Investors are awaiting details on US President Donald Trump's tax plans,and his formal address to a joint session of Congress, slated for February 28,Okasan Securities said in a commentary.
"The Japanese market, which tends to take cues from news overseas, is likely to continue searching for a sense of direction," Okasan said. "But confidence is growing over Japanese firms' annual earnings results." The benchmark Nikkei 225 index gained 0.
68 percent, or 130.36 points, to 19,381.44, while the Topix index of all first-section issues rose 0.56 percent,or 8.59 points, to 1,555.60.
The Dollar rose to 113.60 Yen from 113.04 yen on Monday. A weaker yen generally makes Japanese exports more competitive overseas and lifts the Tokyo market. Toyota rose 0.71 percent to 6,478 yen, while banking giant Mitsubishi UFJ Financial Group was up 0.80 percent at 774 yen.
Toshiba fell 1.39 percent to 183.7 yen, despite reports it is looking to raise at least 1.0 trillion yen ($8.8 billion) from the sale of its prized memory chip business. Sony cast off early losses to end 0.37 percent higher at 3,521 yen. Beverage giant Asahi Group fell 0.26 percent to 4,099 yen.
Related Topics
Recent Stories
Fresh wave of rainfall in AJK continues for the second consecutive day
Babar, bowlers help Pakistan level series 2-2 against New Zealand
Attack in restive Chilean province leaves three police officers dead
PM, Saudi Royal court advisor discuss ways to boost economic ties
England clinch third successive Women's Six Nations Grand Slam
DC Bahawalnagar leads fight for fair bread prices
Sheffield Utd relegated from Premier League
02 proclaimed offenders arrested by Wah Police
Pakistan level T20I series with nine-run victory over New Zealand
Minister meets Chinese Consul General, discusses bilateral cooperation, Chinese ..
MS Children Hospital takes over charge
3 dacoits arrested, illegal weapons recovered
More Stories From Business
-
Cotton to be sown on 4m acres this year
8 hours ago -
China innovation driving global cooperation: international auto experts hail Chinese technology
8 hours ago -
Chinese market as key to electrification: Global auto giant executives
9 hours ago -
KP desires to seek gems’ sector accreditation from Thailand: SACM
10 hours ago -
LCCI urges PM to halt implementation of SRO 350(I)/2024
12 hours ago -
Business community demands reduction in interest rate
11 hours ago
-
Ethiopian envoy urges Pakistani banks to open branches in Addis Ababa
13 hours ago -
Govt's wheat procurement target increased upto 1.8 metric tons
13 hours ago -
SECP grants license to ever first Study Now Pay Later digital platform
14 hours ago -
Minister condemns unilateral urea fertilizer price hike
14 hours ago -
Turkmenistan to complete TAPI energy project with regional countries
15 hours ago -
Gold rates decrease by Rs.600 per tola to Rs244,400
16 hours ago