Tokyo Stocks Open Higher, Tracking Wall Street

Fahad Shabbir (@FahadShabbir) Published October 11, 2016 | 08:40 AM

TOKYO, (UrduPoint / Pakistan Point News - 11th Oct, 2016 ) - Tokyo shares opened higher on Tuesday, tracking gains on Wall Street, where strength in petroleum companies due to higher oil prices and a jump in Apple shares boosted indexes.

Tokyo's benchmark Nikkei 225 index rose 0.45 percent, or 76.22 points, to 16,936.31 in early trading, as Japanese markets reopened after a public holiday on Monday. The broader Topix index of all first-section issues gained 0.24 percent, or 3.29 points, to 1,353.90.

US oil prices finished at their highest level for 2016 after Russian President Vladimir Putin expressed support for OPEC's push to limit output. "The oil-market news proved immensely positive for equities," said Angus Nicholson, a markets analyst at IG Ltd.

in Melbourne. Markets also got a boost as Hillary Clinton appeared to come out ahead in her second presidential debate with Republican rival Donald Trump -- she is generally favoured by investors.

"With secretary Clinton taking the upper hand at the debate, negative factors have been scaled back a little for the markets," Toshihiko Matsuno, a senior strategist at SMBC Friend Securities, told Bloomberg News.

"The fact that Russia has shown willingness to cooperate with OPEC is a tailwind for oil prices going forward," he added. In US trading, Apple rose 1.8 percent as samsung Electronics on Monday said it was adjusting production of the Galaxy Note 7 smartphone due to reports that replacement handsets for recalled devices with exploding batteries are also catching fire.

The South Korean electronics giant has struggled since issuing a global recall in early September of 2.5 million Galaxy Note 7 "phablets" following complaints that the lithium-ion battery exploded while charging.

On Tuesday morning the firm told customers worldwide to stop using the smartphone and also called for a halt to worldwide sales and exchanges of the device. In forex markets, the Dollar was trading at 103.88 Yen against 103.62 yen in New York Monday afternoon.