Tokyo Stocks Close Higher On Bargain Hunting 13th May, 2022
Mohammad Ali (@ChaudhryMAli88) Published May 13, 2022 | 11:58 AM
Tokyo stocks closed higher on Friday as bargain hunting offset worries over inflation and rising interest rates
Tokyo, (UrduPoint / Pakistan Point News - 13th May, 2022 ) :Tokyo stocks closed higher on Friday as bargain hunting offset worries over inflation and rising interest rates.
The benchmark Nikkei 225 index ended up 2.64 percent, or 678.93 points, at 26,427.65, while the broader Topix index climbed 1.91 percent, or 35.02 points, to 1,864.20.
"Even though worries over acceleration in the pace of US interest rate hikes are weighing on the market, the Nikkei index touching below 26,000 (in the previous session) is prompting buy-orders of Japanese shares," Mizuho Securities said in a note.
The Dollar fetched 128.39 Yen in Asian trade, against 128.89 yen in New York late Thursday.
In Tokyo, SoftBank Group soared 12.22 percent to 5,040 yen, shrugging off a reported record net loss as its chief executive Masayoshi Son said his plans for microchip powerhouse Arm's IPO are intact and it was time to actively buy back SoftBank shares.
Nissan dropped 2.93 percent to 490.2 yen after its full-year profit forecast was lower than market expectations.
Chip-making equipment manufacturer Tokyo Electron rallied 5.54 percent to 56,990 yen, after its full-year profit forecast beat market expectations.
Toshiba ended up 1.10 percent at 5,426 yen, following a report that more than 10 investment funds at home and abroad have proposed new strategies to the company management after it dropped plans to split into two.
After the market close, Toshiba reported a 70 percent jump in its full-year net profit.
Honda firmed 2.19 percent to 3,320 yen ahead of its earnings report due later in the day.
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