Tokyo Stocks Open Higher

Tokyo, (UrduPoint / Pakistan Point News - 22nd Feb, 2021 ) :Tokyo stocks opened higher on Monday as investors adjusted positions following three days of rout and after Wall Street shares finished flat.

The benchmark Nikkei 225 index was up 1.19 percent or 356.15 points at 30,374.07 in early trade, while the broader Topix index edged up 1.16 percent or 22.42 points to 1,951.37.

"Investors are seen adjusting their positions after shares were oversold," said Yoshihiro Ito, chief strategist at Okasan Online Securities.

But "the G7 leaders announced over the weekend that they will continue financial support for the economic recovery", which will "back up the upward trend", he said.

Testimony by Federal Reserve Chairman Jerome Powell this week is likely to support the market, Ito added.

The Dollar fetched 105.45 Yen in early Asian trade, against 105.46 yen in New York.

On Wall Street, the Dow ended flat at 31,494.32 while the broad-based S&P 500 ended down 0.2 percent and the tech-rich Nasdaq index finished up 0.1 percent.

In Tokyo trading, market heavyweight SoftBank Group jumped 2.27 percent to 10,585 yen while Uniqlo casual wear operator Fast Retailing gained 1.95 percent to 106,800 yen.

Toyota was up 0.50 percent to 8,106 yen while its rival Honda grew 0.83 percent to 3,006 yen. Nissan dipped 0.32 percent to 586.8 yen.

Sony climbed 0.75 percent to 12,055 yen.