Tokyo Stocks Open Higher

Tokyo, (UrduPoint / Pakistan Point News - 27th Feb, 2024) Tokyo stocks opened higher on Tuesday, shrugging off falls on Wall Street.

The benchmark Nikkei 225 index was up 0.16 percent, or 62.32 points, to 39,296.03 in early trade, while the broader Topix index added 0.17 percent, or 4.61 points, to 2,678.23.

"The Japanese market is expected to start with gains," helped by a slightly cheaper Yen and rises in US chip-linked shares, senior market analyst Toshiyuki Kanayama of Monex said.

"Bargain-hunting is shifting from chip-linked shares to other major shares" in Tokyo, market analyst Takuma Ikemoto of the Tokai Tokyo Research Institute said.

Overnight on Wall Street, the Dow Jones Industrial Average finished down 0.2 percent, the S&P 500 dropped 0.4 percent and the tech-rich Nasdaq index slipped 0.1 percent.

The Dollar fetched 150.54 yen in Asian trade, against 150.70 yen in New York and 150.42 yen in Tokyo late Monday.

Among major shares in Tokyo, shipbuilder Hitachi Zosen was up 5.30 percent at 1,212 yen, Kobe Steel was up 3.48 percent at 2,112.5 yen, and Kawasaki Heavy Industries was up 2.84 percent at 4,235 yen.

SoftBank Group was up 2.54 percent at 9,002 yen. Trading house Mitsui & Co. was up 0.95 percent at 6,646 yen.