Tokyo's Nikkei Index Closes Higher On Bargain Hunting

Tokyo, Sept 29 (UrduPoint / Pakistan Point News - 29th Sep, 2020 ) :Tokyo's key Nikkei 225 index closed higher on Tuesday in cautious trade, lifted by bargain hunting following overnight rallies on Wall Street.

The benchmark Nikkei 225 index reversed earlier losses and ended up 0.12 percent, or 27.48 points, at 23,539.10 while the broader Topix index was down 0.23 percent, or 3.83 points, at 1,658.10, giving up gains shortly before the market closed.

Tokyo shares had opened lower as rights expired for many shares to receive dividends, but this was balanced by rallies on Wall Street -- with gains in high-tech shares in particular, analysts said.

"Bargain-hunters halted the (morning) fall and the market went into the positive region in the afternoon," Okasan Online Securities said in a commentary.

The Dollar fetched 105.64 Yen in Asian trade, against 105.56 yen in New York late Monday.

Japan's top mobile operator NTT Docomo ended up 15.78 percent at 3,213. Buy orders overwhelmed trading throughout the session following reports that its parent NTT was going to make it a wholly owned unit through a public tender offer.

Shortly after the market closed, the two firms announced NTT's plan for a $40 billion tender offer.

Rival mobile carriers KDDI lost 4.14 percent to 2,665 yen on speculations that NTT's move could accelerate price competition among mobile carriers.

Another rival, SoftBank, a telecom arm of tech-investor SoftBank Group, gave up 4.14 percent to 1,191 yen.

Among exporters, Panasonic lost 0.65 percent to 915.8 yen, Canon fell 1.35 percent at 1,757.5 yen and Toyota gave up 0.92 percent at 7,113 yen.

Electronic parts maker Rohm added 2.81 percent at 8,060 yen and Sony rose 0.26 percent at 8,200 yen.

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