Tokyo's Nikkei Gain As Inflation Fears Linger
Tokyo, (UrduPoint / Pakistan Point News - 11th Oct, 2021 ) :Tokyo's Nikkei index rebounded in early trade Monday as investors picked up bargains even as they continued to fret over inflation worries.
The benchmark Nikkei 225 index shed earlier losses to trade up 1.06 percent, or 297.60 points, to 28,346.54 yen. The broader Topix index rose 1.28 percent, or 25.04 points, to 1,986.89.
"But after the selling subsided, players returned to spot trading" to pick up bargains, Okasan Online Securities said in a note.
"Tokyo shares this week will likely be taking one step forward and one step back," Okasan Online added.
"But worries over the US debt ceiling problem are continuing," as the current deal will expire early December, and lawmakers will have to negotiate another deal, Rakuten Securities said in a note.
Mitsubishi UFJ Financial Group firmed 1.80 percent to 662.5 yen.
Toyota rose 2.34 percent to 1,968 yen.
Nippon Steel added 1.15 percent to 1,938 yen.
Chipmaker Murata Manufacturing emerged from negative territory and added 1.13 percent to 8,616 yen. Advantest, maker of microchip testing tools, also gave up earlier losses and was flat at 9,090 yen.
SoftBank Group added 1.90 percent to 6,234 yen.