Tokyo Stocks Rise In Early Trade On Bargain Hunting

Tokyo, (UrduPoint / Pakistan Point News - 13th Oct, 2021 ) :Tokyo stocks opened lower but quickly rebounded into positive territory on Wednesday as investors bought shares that had dipped after Wall Street falls.

The benchmark Nikkei 225 index was up 0.08 percent, or 21.29 points, at 28,251.90 in early trade, while the broader Topix index was up 0.07 percent, or 1.41 points, at 1,984.09.

Both indexes started with declines on worries about inflation and signs of a slowdown in the global economy that also sent Wall Street shares down, analysts said.

However some investors are "buying shares at good prices" after declines, Mizuho Securities said in a note.

The Dollar fetched 113.53 Yen in early Asian trade, against 113.62 yen in New York late Tuesday.

In Tokyo, automakers were mixed, with Mitsubishi Motors rallying 3.61 percent to 344 yen and its bigger partner Nissan trading up 0.80 percent at 582.8 yen, while its rival Honda slipped 0.47 percent to 3,424 yen.

Engineering firm Kawasaki Heavy Industries was up 1.32 percent at 2,617 yen and cosmetics firm Shiseido was 1.33 percent higher at 7,518 yen, but shipping firm Mitsui O.S.K. Lines was down 4.31 percent at 6,660 yen.

On Wall Street, the Dow ended down 0.3 percent at 34,378.34.